KUALA LUMPUR (June 22): Sime Darby Property Bhd’s New Economy Venture (NEV) fund has established a Sukuk Wakalah Programme of up to RM2.6 billion in nominal value, marking what is described as a world-first financing structure for data centre infrastructure.
According to a media release, the Sukuk Wakalah Programme is also the first globally to combine Islamic capital markets with a real estate private equity fund, signalling growing institutional interest in Malaysia’s digital infrastructure sector.
The programme carries a seven-year tenure and has been lodged with the Securities Commission Malaysia under the Lodge and Launch Framework.
Proceeds from the Sukuk will be used to finance the development pipeline under Sime Darby Property NEV (Holdings) Sdn Bhd, including two previously announced seed assets that have not yet been publicly detailed.
Maybank Investment Bank Bhd is acting as Sole Principal Adviser and Sole Lead Arranger, while Maybank Islamic Berhad serves as Shariah Adviser. Maybank Investment Bank and the Asian Development Bank are also Joint Sustainability Structuring Advisers, alongside OCBC Al-Amin Bank Bhd as Joint Lead Manager.
The Credit Guarantee and Investment Facility (CGIF), a trust fund administered by the Asian Development Bank, is the financial guarantor for selected tranches of the programme, which will be subscribed by Bank Islam Malaysia Bhd.
In practical terms, the structure allows the NEV fund to raise capital through Islamic financing while maintaining the flexibility of a private equity vehicle, enabling it to attract co-investors at the fund level while optimising funding costs.
In addition, Sime Darby Property NEV has introduced a Green Finance Framework that received a “Gold” Impact Assessment from MARC Solutions Sdn Bhd. This positions the fund among early adopters in ASEAN to undergo structured green finance evaluations for data centre-focused portfolios, an asset class often scrutinised for its high energy consumption.
The framework also enables green Sukuk issuances aligned with the ASEAN Green Bond Standards under the ASEAN Capital Markets Forum, as well as the Securities Commission Malaysia’s Sustainable and Responsible Investment Sukuk Framework.
Group managing director and chief executive officer Datuk Seri Azmir Merican said the establishment of the Sukuk Programme marks a key milestone for the NEV fund and supports the development of new economy assets in industrial, logistics, and data centre segments.
With the programme now in place, focus will shift to deployment pace and execution of the fund’s development pipeline. The two seed assets are expected to be the initial investment targets, with the RM2.6 billion facility suggesting plans for a broader portfolio over the seven-year period. However, detailed asset information, timelines, and investor composition have not yet been disclosed.
What I learn from this report
Sime Darby Property is using Islamic finance (Sukuk Wakalah) to fund large-scale data centre infrastructure.
The RM2.6 billion programme is structured as a hybrid between Islamic capital markets and private equity.
This is positioned as a global first for combining Sukuk financing with a real estate private equity fund.
Malaysia is strengthening its role in digital infrastructure and data centre investment through structured financing.
Key financial institutions involved include Maybank Investment Bank, Maybank Islamic, OCBC Al-Amin, and Bank Islam.
The Asian Development Bank is involved through sustainability structuring and financial guarantee support via CGIF.
The fund includes a Green Finance Framework with a “Gold” rating, highlighting ESG alignment in data centre development.
The structure allows flexible capital raising while maintaining Shariah-compliant financing principles.
Focus now shifts to deployment of capital into seed assets and future expansion of the data centre portfolio.
Yao Mu Realty, based in Kuala Lumpur, Malaysia, specializes in industrial real estate for factories and land, delivering professional and efficient solutions.
Posted by Yao Mu Realty Sdn Bhd on 22 Jun 26
Malaysia