PETALING JAYA: The Sime Darby Property Bhd (SimeProp) and LOGOS SE Asia Pte Ltd joint venture (JV) has announced that it has secured preliminary commitments of 50% for the first close of its inaugural industrial development fund at US$250mil (RM1.06bil).

       In a statement, it said it will focus on investing and developing high-quality industrial and logistics real estate assets in Bandar Bukit Raja in Klang, Selangor.

       “The commitment is anchored by leading institutional investors and SimeProp-LOGOS is confident of securing further commitments in 2022, given an overall healthy investor interest in logistics as an asset class,” it said.

       Its maiden development, the E-Metro Logistics Park, is set to deliver logistics solutions with world-class facilities in Bandar Bukit Raja.

       SimeProp group managing director Datuk Azmir Merican said there was strong demand for quality real estate investment within the industrial and logistics sector.

       “We are making good progress in developing investment-grade assets in Malaysia and to support the increase in demand for quality logistics products, infrastructure as well as efficient supply chain management,” he said.

       Meanwhile, LOGOS Property’s head of Malaysia David Aboud said the location of the E-Metro Logistics Park was very attractive to a wide range of end-users and as witnessed across the region.

       “We expect to see a clear trend for high specifications to be incorporated within modern logistics facilities within the park.

       “This includes a growing demand for cold stores with climate-controlled warehousing as well as automated solutions to support the increasing sophistication of supply chains,” he said.

       Design and development work for two facilities in the E-Metro Logistics Park, the fund’s maiden asset, is underway with construction having commenced at end-March.

       The eco-friendly 71.63-ha development is set to deliver efficient industrial and logistics solutions spanning eight million square feet in gross leasable area, with world-class expertise and facilities equipped with sustainable green features.

       The E-Metro Logistics Park features excellent connectivity to major logistics hubs such as Port Klang and the KL International Airport, as it is accessible via major highways, namely, the New Klang Valley Expressway, Federal Highway, New North Klang Straits Bypass and the West Coast Expressway. — Bernama