Sime Darby Property eyes REIT listing by 2028, heavy industrial parks: Maybank IB
Sime Darby Property Bhd is exploring a REIT listing by 2028, focused on industrial and data centre assets, according to Maybank Investment Bank. The developer is also expanding into heavy industrial parks and solar energy projects to support its industrial and data centre customers.
KUALA LUMPUR (Nov 4): Sime Darby Property Bhd (KL:SIMEPROP) is laying the groundwork for its future growth, exploring a potential real estate investment trust (REIT) listing by 2028, according to Maybank Investment Bank. The research house highlighted that the property developer is focusing the REIT on domestic industrial and data centre assets to unlock asset value, facilitate capital recycling into new developments and grow recurring income.
“Its potential asset pipeline includes two data centres backed by 20-year leases, alongside logistics and warehouse assets at E-Metro Logistics Park in Klang, developed through its joint venture with ESR Group,” said Maybank IB in a note after a recent briefing with the group.
Maybank IB said Sime Darby Property is also expanding its operations on two fronts: into heavy industrial parks through joint ventures, and solar energy projects to support industrial and data centre customers. The developer’s expansion into heavy industrial parks is led by its 1,021.9-acre BBR North industrial and logistics hub in Mukim Jeram, Kuala Selangor, planned to launch in the second half of 2027. This project is part of a joint venture with SD Guthrie Bhd (KL:SDG).
Maybank IB added that the company has also seen interest from foreign investors, particularly those from China. For solar developments, the research house noted that Sime Darby Property is exploring developments for its non-core land bank, such as in Kedah, to supply green energy to industrial and data centre customers.
“We view this positively, as solar joint ventures could minimise upfront capital commitments, unlock land value and generate recurring income, while offering integrated industrial solutions that differentiate Sime Darby Property from its peers,” said the research house.
