KUALA LUMPUR: Sime Darby Property Bhd (SD Property) has acquired two double-storey logistics warehouses in Bandar Bukit Raja, Selangor, for RM232 million.
The warehouses, previously owned by Sime Darby Property MIT Development Sdn Bhd (a joint venture between Sime Darby Property and Japanese partners MBK Real Estate Asia Pte. Ltd. and Mitsubishi Estate Co., Ltd.), offer a total net lettable area of about 700,000 sq ft.
The warehouses are designed for various logistics needs, featuring modern specifications such as high ceilings, efficient layouts, and multiple loading docks. This acquisition strengthens Sime Darby Property's ownership of valuable, strategically located assets.
SD Property group managing director and CEO Datuk Seri Azmir Merican said the acquisition aligns with SD Property's SHIFT25 strategy to diversify into industrial real estate.
Owning these assets enhances their industrial portfolio, supports sustainable income growth, and positions the company to capitalize on opportunities in the growing logistics sector, ensuring financial stability in a changing market.
SD Property's share price was up 1.2 per cent to RM1.68 a share.