PHB Acquires RM300 Mln Logistics Complex In Penang From Titijaya
KUALA LUMPUR, Oct 28 (Bernama) -- Pelaburan Hartanah Bhd (PHB) has acquired a logistics real estate asset in Bayan Lepas Waterfront, Penang, from Titijaya Land Bhd for approximately RM300 million.
In a joint statement today, PHB and Titijaya said the logistics commercial complex is fully leased to DHL Properties (Malaysia) Sdn Bhd, providing PHB with a stable rental income stream.
“With this acquisition, the logistics segment now contributes about 11 per cent of PHB’s total investment property portfolio, reflecting the company’s growing focus on logistics and industrial assets,” the statement said.
PHB Group managing director Mazuki Abdullah @ Muhammad said the acquisition strengthens the group’s presence in one of Malaysia’s key logistics hubs, while supporting its portfolio diversification strategy.
He said the complex’s location in Bayan Lepas Waterfront positions the company to benefit from continued growth across Penang’s logistics sector.
Titijaya Group managing director Datuk Lim Poh Yit said the transaction with PHB reflects its commitment to creating value through quality income-generating real estate investment and strategic asset management.
“We remain focused on our core property development business and on pursuing opportunities that support the group’s long-term growth and create sustainable value for our stakeholders,” he said.
-- BERNAMA