IJM Corp takes 25pc interest in Shah Alam International Logistics Hub, buys 11-acre property site in England
12 Jan 2024
IJM Corporation Bhd (IJM Corp) today announced that it is taking a 25 per cent interest in the developer of Shah Alam International Logistics Hub (SAILH) and buying a 11 acre freehold site in Hertfordshire County, England for redevelopment.
IJM’s wholly-owned subsidiary, IJM RE Sdn. Bhd., signed a share sale agreement with fully-integrated logistics provider, Swift Haulage Bhd, and Hartamas Mentari Sdn Bhd, acquiring a 25 per cent stake in Global Vision Logistics Sdn. Bhd. (GVL) which is developing SAILH.
The acquisition follows the RM653.6 million construction contract win by its construction arm, IJM Construction, in June last year, and is part of its strategy to expand into the industrial property sector.
“Our investment in GVL and SAILH is a strategic move to address the increasing demands of the logistics sector, spurred by e-commerce growth and supply chain diversification. This decision not only expands IJM’s industrial property portfolio, focusing on high-value assets that generate recurring income, but also reflects our expertise in infrastructure and construction. By integrating our investment strategies with hands-on project execution, we are enhancing our ability to meet diverse industry demands, further establishing IJM as a versatile solutions provider across diverse industries,” IJM Corp Group CEO and managing director Lee Chun Fai said in statement.
SAILH, set to be one of ASEAN’s largest and Malaysia’s first green-certified logistics hub, located on a 71-acre site in Shah Alam.
It complements IJM’s other investments in Exio Logistics Sdn. Bhd for two logistics hubs in the City of Elmina, Shah Alam and in the Malaysia China-Kuantan Industrial Logistics Park.
The first phase of SAILH, which commenced construction in September last year, includes a four-storey warehouse complex, multi-level parking and office space with ancillary buildings.
Set for completion in 2025, it will offer 2.8 million square feet of space.
Plans for the second phase are underway, bringing the total warehouse space to about six million square feet when all phases are completed.
Meanwhile, IJM’s property arm IJM Land has bought an 11-acre brownfield site, known as The Wheat Quarter (North Site), that has been approved for 811 homes and 150,000 square feet of mixed-use space.
This development follows its Royal Mint Gardens project in Central London and partnership with Network Rail.
“These investments in Malaysia and the UK reflect our strategic vision to strengthen IJM’s footprint in the logistics sector and international property development. We are committed to delivering innovative and sustainable solutions in these key markets,” Lee said.
Source: NST
