- 6 billion nominal value Sukuk Wakalah Programme with a seven-year tenure to finance the Fund’s development pipeline.
- First to pair Sukuk financing with a real estate private equity structure, complemented by a Gold graded Green Finance Framework to maximise capital efficiency.
ARA DAMANSARA — Sime Darby Property Berhad (“Sime Darby Property” or the “Group”) today announced that its New Economy Venture (“NEV”) fund has established a Sukuk Wakalah Programme (“Sukuk Programme”) of up to RM2.6 billion in nominal value via its subsidiary, Sime Darby Property NEV (Holdings) Sdn Bhd (“Sime Darby Property NEV”), further strengthening its capital framework for new economy asset development.
The Sukuk Programme, with a programme tenure of seven (7) years, will finance Sime Darby Property NEV’s development pipeline, which includes its two previously announced seed assets. The Sukuk will represent the world’s first Sukuk financing for data centre infrastructure. The Sukuk Programme was lodged with the Securities Commission Malaysia under the Lodge and Launch Framework. The Sukuk Programme was established with participation from leading financial institutions, comprising Malaysia’s largest banking institutions and a leading multilateral development bank.
Maybank Investment Bank Berhad (“Maybank IB”) is the Sole Principal Adviser and Sole Lead Arranger for the Sukuk Programme, while Maybank Islamic Berhad serves as the Shariah Adviser. Maybank IB and the Asian Development Bank (“ADB”) are the Joint Sustainability Structuring Advisers, while Maybank IB and OCBC Al-Amin Bank Berhad are the Joint Lead Managers. Meanwhile, Credit Guarantee & Investment Facility, a trust fund of ADB, is the Financial Guarantor for the guaranteed tranches of the Sukuk Programme, which will be subscribed by Bank Islam Malaysia Berhad.
The financing platform complements the Group’s real estate private equity fund structure for the NEV fund, forming an integrated capital framework that maximises capital efficiency for the deployment of investment grade assets. Through this approach, Sime Darby Property is the first developer to pair Sukuk financing with a real estate private equity fund. This strengthens the Group’s ability to capture high-value opportunities arising from the increasing demand for digital infrastructure in Malaysia.
Datuk Seri Azmir Merican, Group Managing Director and Chief Executive Officer of Sime Darby Property, said, “The establishment of the Sukuk Programme marks another significant milestone in the growth of the New Economy Venture fund and reinforces our efforts to develop high-quality, new economy assets in the industrial, logistics and data centre space. The support from a strong consortium of financial institutions, together with the introduction of our Green Finance Framework, reflects confidence in our long-term vision and supports our aspiration to create sustainable value for our stakeholders.”
Introducing Green Finance Framework
Additionally, Sime Darby Property NEV has introduced its Green Finance Framework, which was assigned a “Gold” Impact Assessment by MARC Solutions Sdn Bhd, positioning Sime Darby Property NEV among the early adopters in the ASEAN region to undertake structured green finance impact evaluations, particularly for data centre-led development portfolios.
The framework enables green Sukuk issuances under the Sukuk Programme to align with recognised green finance standards, including the ASEAN Green Bond Standards by the ASEAN Capital Markets Forum and Sustainable and Responsible Investment (SRI) Sukuk Framework by the Securities Commission Malaysia.
“Looking ahead, this capital framework positions us to accelerate our development pipeline while strengthening our fund management capabilities under our SHIFT32 strategy. We remain focused on driving innovative financial solutions that strengthen our long-term operational resilience, unlock new growth opportunities, and reinforce our belief of being as A Force for Good,” Azmir concluded. —Sime Darby Property
