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IJM Corp enters into JV to develop two logistic hubs in Shah Alam

IJM Corp enters into JV to develop two logistic hubs in Shah Alam

17 Jul 2023

IJM Corporation Bhd’s wholly-owned unit, IJM RE Sdn Bhd, has entered in a joint venture agreement with FMM Elmina Sdn Bhd to develop two logistic hubs in Elmina, Shah Alam.

Both IJM and FMM Elmina entered into a subscription and shareholders agreement (SHA) to establish Exio Logistics Sdn. Bhd., a special purpose vehicle (SPV) responsible for the construction and development of the logistics hub.

IJM will hold a 50 per cent stake in the SPV, while the other 50 per cent will be held by FMM Elmina, a company owned by Tan Sri Teo Chiang Hong, Mettiz Capital Sdn. Bhd. and Minlon Sdn. Bhd.

With a floor space of 500,000 square feet and a capacity of 110,000 pallet positions, the hubs are fully leased to Storio Sdn. Bhd., who will be the operator and master tenant. Storio is owned by the shareholders of FMM Elmina.

“This partnership offers a strategic opportunity for the JV to capitalise on the strong market demands of the logistics sector, fuelled by the thriving e-commerce market and supply chain diversification. “Our expansion into the industrial property sector further strengthens our commitment to providing comprehensive solutions across industries,” said IJM managing director and group chief executive officer Lee Chun Fai.

Design and development work for the logistics hub is currently underway and construction will start in early 2024.

Source: NST