Malaysia's Sime Darby Property MYX:SIMEPROP said on Tuesday it had launched a 1.25 billion ringgit ($307.7 million) Shariah-compliant fund to build and lease data centres and other industrial and logistics assets.
Here's more from the announcement:
The New Economy Venture fund secured full capital commitments at its first close from institutional investors, including the Employees Provident Fund, Lembaga Tabung Angkatan Tentera and Great Eastern Life Assurance Malaysia.
Sime Darby Property will act as the fund's general partner and sponsor. It has committed 500.1 million ringgit as a co-investor.
The five-year fund has secured two seed assets in Elmina Business Park and the City of Elmina. The assets make up about 85% of the target fund size and are backed by long-term leases.
Construction for both assets has started and is expected to finish in the second half of 2027, the company said.
($1 = 4.0620 ringgit)