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Mitsubishi Estate JV to develop ¥13B Kuala Lumpur warehouse facility project

Mitsubishi Estate Co. Ltd. is participating in the development of build-to-suit logistics warehouses and light industrial facilities in Kuala Lumpur.

A 40/60 Mitsubishi Estate-Mitsui & Co. Ltd. joint venture will own 50% of the project, with Malaysian property developer Sime Darby Property Bhd. owning the other 50%.

The project has a total development value of ¥13 billion and will cover 160,000 square meters on a site in the Bukit Raja region. Sime Darby and Mitsui signed a deal May 16 to purchase the land parcel.

Mitsubishi and Mitsui are marking their third project together with the joint venture project, having undertaken previous development projects in China and in California, according to a release.

As of May 17, US$1 was equivalent to ¥110.82.