Sime Darby Property partners Japan's Mitsui Co and Mitsubishi Estate for RM530m GDV project

May 17, 2018 | By | Reply More

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PETALING JAYA: Sime Darby Property is partnering Japan’s Mitsui & Co., Ltd. and Mitsubishi Estate Co., Ltd. for a RM530 million gross development value develop and lease built-to-suit industrial facilities project on a 39-acre site at the Bandar Bukit Raja integrated township in Klang, Selangor.

Sime Darby Property holds 50% of the joint venture company, while the other 50% is held by Mitsui, through its Malaysian subsidiary, Mitsui M-Co.

Mitsubishi Estate Co. Ltd is expected to participate in this joint venture indirectly through its 40% holding in Mitsui M-Co.

Mitsubishi Estate’s participation is still subject to approval of licences and permits by the relevant regulatory authorities.

The built-to-suit industrial facilities, comprising warehouses and logistics facilities, offer tailored features to suit operational requirements of business tenants. These includes specific floor loading capacity, optimum number of loading bays and
height clearance. It will also be designed to ensure efficient maneuvering of vehicles.

Mitsui, one of the leading industrial logistics operator in the world, undertakes leasing of logistics facilities and factory development projects in Indonesia, as well as in Johor, Malaysia.

The company has the experience and a good track record in developing office buildings, logistics facilities and engaging in REIT operations in Japan and overseas.

Sime Darby Property will be able to enhance its earnings base by tapping into Mitsui’s vast experience and network in industrial logistics.

The Mitsubishi Estate group operates businesses in nine countries in the Asian and Oceania regions, contributing to solid real estate experience and expertise to create new business opportunities globally.

The built-to-suit project at Bandar Bukit Raja will be the third joint venture project for Mitsui and Mitsubishi Estate, besides logistics facility development projects in China and the United States.

The group’s share price was up two sen at RM1.49 at the end of morning trade with some two million shares changing hands.

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