Malaysian real estate developer Sime Darby Property has created a new RM1.25 billion ($307.7 million) real estate fund aimed at investing in build-to-suit-to-lease data centers and industrial and logistics developments.
According to Sime Darby Property, the fund, dubbed the New Economy Venture, achieved 100 percent capital commitment at first close and is backed by a number of institutional investors, including the Employees Provident Fund, Lembaga Tabung Angkatan Tentera, and Great Eastern Life Assurance (Malaysia).
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Sime Darby Property is acting as the general partner and sponsor to the fund, committing $123.1 million as co-investor at first close.
The fund has already been used to secure two seed assets in the City of Elmina, a township in Sungai Buloh, Selangor, Malaysia. These assets represent 85 percent of the target fund size and are supposed to be long-term lease arrangements.
