Malaysia-based Sime Darby Property NEV (Holdings) Sdn. Bhd, a member of Sime Darby Property Berhad’s New Economy Venture (NEV) platform, has established a Sukuk program of up to MYR 2.60 billion ($640 million) to finance the development of build-to-suit-to-lease data centers, and industrial and logistics assets.
This marking another milestone in the group’s expansion into Malaysia’s fast-growing digital economy and industrial & logistics developments, the firm said in a statement on Tuesday.
Under the Sukuk Program, SDP NEV will issue the green Sukuk to part-finance the development of hyperscale data centers, in Elmina Business Park, Sime Darby Property’s flagship industrial township.
Sime Darby Property will design, construct, and deliver the development by 2027.
The hyperscale data centers are supported by a 20-year long-term lease with a globally renowned multinational technology company, underscoring its stability and institutional investment appeal.
The transaction reflects Sime Darby Property’s continued focus on creating institutional-grade assets that generate recurring income while supporting Malaysia’s digital infrastructure ecosystem.
The proceeds of the Sukuk Program will also be utilized to part-finance the development of a build-to-suit distribution warehouse equipped with advanced Automated Storage and Retrieval Systems located in the City of Elmina.
The development is anchored by a 15-year long-term lease with a local hypermarket operator, with construction targeted for completion by end 2027.
To support the issuance, SDP NEV also established a Green Finance Framework.
The inception of the green Sukuk, which is the first of its kind in the world for a data center, marks a significant milestone for Sime Darby Property’s strategy, and aligns with Malaysia’s accelerating digital economy ambitions.
Strategically located with robust infrastructure and a long-term industrial masterplan, Elmina Business Park has become one of Malaysia’s preferred destinations for global hyperscale operators seeking scalable and future-ready facilities supported by the country’s conducive investment ecosystem, renewable energy transition agenda and growing demand for digital infrastructure.
Through this Sukuk Progra, Sime Darby Property said it continues to strengthen its position as a leading developer of large-scale build-to-suit digital infrastructure for multinational technology companies.
The initiative reinforces the group’s strategy of expanding its recurring income while catalyzing innovative funding structures into one of Malaysia’s fastest-growing economic sectors.
“The MYR 2.6 billion Sukuk program marks a defining milestone in our SHIFT32 (seven-year strategic roadmap running from 2026 to 2032) transformation, strengthening Sime Darby Property’s position in the rapidly growing new economy sector,
“As the general partner and manager of the NEV Fund, we are creating an institutional investment platform that enables us to develop high-quality build-to-suit assets required by global technology operators programmatically,” said Azmir Merican, Group Managing Director and Chief Executive Officer of Sime Darby Property.
He said the collaboration and support from Maybank, OCBC, and the Asian Development Bank reflect confidence in Sime Darby Property long-term strategy and the resilience of its investment platform.
“By leveraging our strategic landbank, development expertise and fund management capabilities, NEV expands our recurring income platform while creating sustainable long-term value for our investors and stakeholders,” he added.
The group currently manages approximately MYR 4.8 billion in assets under management (AUM), supported by a long-term hyperscale data center lease that came on stream in April 2026, and the fund has already secured two strategic seed assets within Elmina Business Park and the City of Elmina, representing approximately 85 percent of its target fund size and supported by long-term lease arrangements that provide strong income visibility.
The Sukuk program has also been structured to support Sime Darby Property’s strategy of developing large-scale digital, industrial and logistics assets including a build-to-suit distribution warehouse.