PHB expands logistics holdings with RM300 million Penang acquisition
DHL Properties (Malaysia) leases the entire complex, which occupies about 28,562.8 square metres of leasehold land.
Pelaburan Hartanah Bhd (PHB) has acquired a RM300 million logistics property at Bayan Lepas Waterfront in Penang. The company said the purchase supports its strategy of expanding logistics investments and increasing recurring income.
The seller, Aman Duta Sdn Bhd, is indirectly owned by Titijaya Land Bhd. Located in Barat Daya district, the property includes a purpose-built logistics commercial complex with three storeys on about 28,562.8 square metres of leasehold land.
DHL Properties (Malaysia) Sdn Bhd is the tenant for the whole complex. PHB said logistics now represents about 11 per cent of its overall investment property portfolio.
Group managing director Mazuki Abdullah @ Muhammad said the investment would diversify PHB's portfolio. He said the tenant and lease structure would provide visibility over long-term income, supporting efforts to improve portfolio yield and returns for Amanah Hartanah Bumiputera (AHB) unit holders.
Titijaya Land group managing director Datuk Lim Poh Yit described the disposal as part of its asset management efforts. He said property development remained the group's core focus, alongside opportunities for long-term growth.
