Sime Darby Property Acquires RM232 Million Logistics Warehouses in Bandar Bukit Raja

"Sime Darby Property fully acquires two logistics warehouses in Bandar Bukit Raja, Selangor, for RM232 million, strengthening its industrial portfolio with assets totaling 700,000 sq ft of net lettable space."

Kuala Lumpur, 09th Jan 2025, 12.23pm - Sime Darby Property Bhd has fully acquired two modern double-storey logistics warehouses in Bandar Bukit Raja, Selangor, for RM232 million, consolidating its position in the rapidly expanding industrial and logistics sectors.

The assets, with a combined net lettable area of 700,000 square feet, were previously co-owned through a 50:50 joint venture with a Japanese consortium. By securing full ownership, Sime Darby Property aims to enhance its industrial property portfolio and drive sustainable income growth.

“These modern logistics facilities position us to better capture the demand for high-quality industrial spaces,” the company said in a statement on Friday.

Initially developed in partnership with Japan’s Mitsui & Co Ltd and Mitsubishi Estate Co Ltd, the warehouses were built as part of a tailored development strategy to attract global and domestic tenants. Opened in 2020, the facilities have housed prominent tenants such as Malaysian electrical appliances giant Senheng, German logistics firm Leschaco, CEVA Logistics, and FMCG distributor SL Ng.

The project, announced in 2018, had an original gross development value of RM530 million and has since become a key asset in Sime Darby Property’s industrial strategy. The acquisition aligns with the company’s goal to capitalise on growing demand in the logistics and industrial sectors in Malaysia.