KUALA LUMPUR, Oct 6 — The Employees Provident Fund (EPF) and Taiwan’s warehousing infrastructure developer Ally Logistic Property Co Ltd (ALP) have entered into a shareholder’s agreement to develop a modern logistics hub in Klang, Selangor.
The EPF will invest up to 70 per cent stake in the joint venture company, ALP BR (Malaysia) Sdn Bhd (ALP BR) while the remaining 30 per cent will be held by ALP.
In a joint statement today, EPF chief executive officer Datuk Seri Amir Hamzah Azizan said the hub will provide the statutory body with the opportunity to invest in prime quality logistics assets and generate stable rental income for both the EPF and ALP.
“The selection of ALP as the investment partner for logistics real estate was driven by its 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.
ALP co-founder and chief executive officer Charlie Chang said the company is on track to expand quality assets into Southeast Asia and sees the partnership with EPF as a great starting point to introduce modern logistics infrastructure.
According to the statement, the hub will be developed on 10.92 hectares of freehold land in Bandar Bukit Raja, with a gross floor area of more than 1.8 million square feet and 100,000 pallet positions in the shared automated storage and retrieval system zone.
The hub is expected to be completed by the third quarter of 2024. Upon construction completion, ALP BR will lease out the entire warehouse to ALP under a 15-year master lease agreement.
— Bernama
