ISP Group of Companies announced that it has sealed sales and purchase agreements (SPAs) for four industrial assets that have a combined gross floor area of close to 850,000 square feet (SF) at a total cost of RM188.5 million.
The group said the acquisitions will be financed by its own funds and borrowings, consist of one redevelopment land and one brownfield site in Johor as well as two brownfield sites in Selangor. It also aims to transform these assets into sustainability-oriented logistics warehouses and manufacturing hubs so as to cater to the strong demand for these types of facilities in Malaysia. The company also said that it expects to start renting or leasing these assets by the first quarter of 2025.
Eric Ng, Founder and Group Chief Executive Officer of ISP Holding Sdn Bhd, said, "We expect the demand to lease or rent prime logistic warehouses, especially those located in strategic and highly accessible areas in Malaysia, to remain robust due to the country's strong economic fundamentals and positive growth outlook of key industries including semiconductor, manufacturing, technology (data centres) and logistics."
Following the acquisition of the four new industrial assets, ISP currently has a portfolio of 8 assets with a total gross floor area of 2.3 million SF. The group intends to expand its portfolio further, primarily focusing on industrial landbanks and properties in Johor and the Klang Valley.
