KUALA LUMPUR: Employees Provident Fund (EPF) and Australia's Goodman Group have entered into a 50:50 joint venture to develop RM1.4 billion worth of logistics assets in Malaysia and the region for the next three years.
EPF deputy chief executive officer Mohamad Nasir Ab Latif said for starters, each entities will fork out US$100 million to identify land and construct logistics space, mainly in the Klang Valley and in the Iskandar region.
"We target an expected internal rate of return in the mid teen or around 15 per cent in the next five to six years.
“At the moment we are scouting for land to build the logistic assets from the ground up in the next three and six months,” said Mohamad Nasir after the signing of the agreement this morning.