KUALA LUMPUR (Oct 6): The Employees Provident Fund (EPF) is investing in the development of a 100% pre-leased logistics hub in Bukit Raja, Klang.
In a statement on Thursday (Oct 6), EPF said it has entered into a shareholders agreement with Ally Logistic Property Co Ltd. (ALP) for the logistics hub.
The EPF will invest up to 70% stake in the joint venture company, ALP BR (Malaysia) Sdn Bhd. (ALP BR).
The remaining 30% will be held by ALP.
The fund said the hub will be located on 27 acres of freehold land and equipped with the Automated Storage and Retrieval System (ASRS) technology, providing increased efficiency and flexibility for tenants.
It said the hub is expected to be completed by the third quarter of 2024, with a gross floor area of more than 1.8 million square feet and 100 thousand pallet positions in the shared ASRS zone.
Upon completion of the construction, ALP BR will lease out the entire warehouse to ALP under a 15-year master lease agreement.
EPF chief executive officer Datuk Seri Amir Hamzah Azizan said the asset will provide the EPF with the opportunity to invest in prime quality logistics asset and generate stable rental income for both the EPF and ALP.
“Our selection of ALP as our investment partner for logistics real estate was driven by ALP’s reputation and knowledge as a global sector specialist, possessing a high-quality portfolio.
“This partnership presents a strategic opportunity for the EPF to ride on the growth of the logistics sector, which is expected to continue to accelerate, further driven by the vibrant e-commerce market and supply chain diversification by major players,” he said.
Meanwhile, ALP co-founder and chief executive officer Charlie Chang said the company sees Malaysia as a starting point to introduce its modern logistics infrastructure.
“Our partnership with the EPF will be for the long term in Malaysia and beyond,” he said.
Amir Hamzah (right) with Chang at the signing of the shareholders agreement between EPF and ALP. (Photo credit: EPF)
by Surin Murugiah. October 06, 2022.
Source: The Edge Markets. https://www.theedgemarkets.com/article/epf-investing-development-preleased-logistics-hub-klang. 8 October 2022.
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