PETALING JAYA: Sime Darby Property Bhd (SDP) has launched its second real estate development fund, the New Economy Venture (NEV), established to invest in build-to-suit-to-lease data centres and industrial and logistics development projects within SDP’s key townships in Malaysia.
SDP said the fund size is up to RM1.25bil with a fund life of five years, backed by institutional investors including Employees Provident Fund (EPF), Lembaga Tabung Angkatan Tentera (LTAT) and Great Eastern Life Assurance. SDP will act as the general partner and sponsor to NEV and has committed RM500.1mil as a co-investor at first close. The fund has two seed assets located within Elmina Business Park and the City of Elmina, representing approximately 85% of the target fund size and supported by long-term lease arrangements. Construction for both assets has commenced and is expected to be completed in the second half of 2027.
“The launch of the New Economy Venture marks a significant milestone in our transformation journey under the SHIFT32 strategy. As general partner and manager to the Fund, it will enable SDP to diversify its recurring income streams through investment yield and fee-based income from the development of new economy assets such as data centres and warehouses which are much in demand in the Malaysian real estate market,” said SDP group managing director and chief executive officer Datuk Seri Azmir Merican.
“The launch of NEV marks an important step in expanding Sime Darby Property’s investment and fund management business. We remain focused on delivering long-term value for our investors and stakeholders,” Azmir added.
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