The project, to be developed in phases, will cover a total development area of 745,000 square metres (sqm) and gross leasable area of about 505,000 sqm spanning across five warehouse blocks.
The JV transaction, brokered by Knight Frank Malaysia (Knight Frank), will be by way of 60 per cent share subscription by Logos in the project special purpose vehicle - Global Vision Logistics Sdn Bhd, which will take up the remaining 40 per cent subscription as well as undertake the development.
Knight Frank managing director Sarkunan Subramaniam said the multi-storey facility, upon completion, will be one of the largest one-stop logistics hub in Malaysia.
It is designed with flexibility to cater to multiple tenants, featuring driveway, ramps and cross-docking features to facilitate logistics efficiencies and effective traffic management.
"We are proud to share that Logos' first venture in the Malaysian industrial market is represented by the largest ever development project in terms of square footage embarked by the group across the Asia region.
"Given its extensive experience in managing and developing logistics facilities across nine countries within the region, we believe their participation will bring about advance technical and operational know-how in developing high grade multi-level warehouses, elevating the Malaysian logistics property landscape to the next level,” he said in a statement today.
Meanwhile, Knight Frank executive director of capital markets Allan Sim said the investment by Logos in Malaysia is a strong testament and mark of confidence by international logistics players in the growth of the local industrial sector.
"With this JV, Logos is expected to bring in a total foreign direct investments (FDI) in excess of RM1billion to Selangor,” said Sim, adding the investment would spur other activities in the Klang Valley logistics market and the Malaysian economy as a whole.
He added the development is timely to capture and receive the increased enquiries and attention by multinationals looking to position their regional distribution centres in Malaysia.
"It will be positive catalysts to attract further FDI into the country. The development is strategically positioned to be part of Logos’ regional chain of logistics facility network, providing the added advantage for the growing logistics market to leverage and tap into the company's established pool of international big-name tenants,” he said. - Bernama
Did you find this article insightful?
100% readers found this article insightful