Property News

Sime Darby Property fully acquires Bandar Bukit Raja warehouses for RM232 mil

KUALA LUMPUR (Jan 10): Sime Darby Property Bhd (KL:SIMEPROP) said on Friday it has fully acquired two modern double-storey logistics warehouses in Bandar Bukit Raja, Selangor for RM232 million.

The assets — previously owned by a 50:50 joint venture with a Japanese consortium — consolidates Sime Darby Property’s ownership of the logistics assets, the company said in a statement. The warehouses have a combined net lettable area of about 700,000 sq ft.

“By gaining full ownership of these modern logistics assets,” the company said, “we strengthen our industrial property portfolio, drive sustainable income growth, and solidify our position in the fast-growing industrial and logistics sectors.”

Sime Darby Property previously partnered Japan’s Mitsui & Co Ltd and Mitsubishi Estate Co Ltd to jointly develop and lease the built-to-suit facilities in Bandar Bukit Raja.

Malaysian electrical appliances company Senheng and German logistics services firm Leschaco were the first tenants of the facilities when it opened in 2020. CEVA Logistics, another logistics company, and SL Ng, a domestic fast-moving consumer goods distributor, moved in later.

The project had a gross development value of RM530 million when it was announced in 2018.

EdgeProp.my is currently on the lookout for writers and contributors to join our team. Please feel free to send your CV to [email protected] 

Looking to buy a home? Sign up for EdgeProp START and get exclusive rewards and vouchers for ANY home purchase in Malaysia (primary or subsale)!

Source: EdgeProp.my