Pelaburan Hartanah Bhd has acquired Penang Logistics Hub 5 in Bayan Lepas Waterfront from Titijaya Land Bhd for about RM300 million, adding a fully leased industrial asset to its investment property portfolio.
The three-storey logistics complex is let in full to DHL Properties (Malaysia) Sdn Bhd and was completed in 2024, according to NST. With the purchase, the logistics segment now makes up about 11 per cent of PHB’s total investment property portfolio.
The property changed hands through Aman Duta Sdn Bhd, a wholly owned Titijaya subsidiary that acts as vendor and beneficial owner, while City Meridian Development Sdn Bhd holds it as registered proprietor. Both signed a conditional sale and purchase agreement with PHB on 28 Oct, EdgeProp noted.
The site covers about 28,562.8 square metres of leasehold land in the Barat Daya district, or 307,447 square feet, at No. 2, Persiaran Bayan Lepas. The complex carries a gross floor area of about 300,726 square feet, subject to a final site measurement report that may adjust the consideration. The land lease runs to 2 April 2095. The tenancy with DHL runs to 14 Oct 2034, with stepped rental increases over the remaining term.
PHB group managing director Mazuki Abdullah @ Muhammad said the location places the company inside one of the country’s main logistics hubs. “The complex’s location in Bayan Lepas Waterfront positions us to benefit from continued growth across Penang’s logistics sector,” he said.
“Importantly, this asset provides long-term income visibility through a quality tenant and a stable lease structure. This is in line with our strategy to enhance our portfolio yield and strengthen our recurring income streams.”
He added that rising demand for quality logistics space made the deal an opportunity to improve portfolio performance and deliver competitive returns for Amanah Hartanah Bumiputera (AHB) unit holders.
For Titijaya, the disposal brings an estimated net gain of about RM143 million after expenses, measured against a net book value of about RM156 million as at 30 June 2026. The group expects the gain to add about 10.9 sen to earnings per share, lift net assets per share from 97 sen to RM1.08 and cut gearing from 0.18 times to 0.06 times on a pro forma basis.
Titijaya group managing director Datuk Lim Poh Yit said the sale forms part of a wider push to unlock value from completed investment properties. “This transaction demonstrates our proactive approach to managing our property portfolio and unlocking asset value,” he said.
“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.”
Payment follows a staged structure. A RM30 million deposit will be held by Aman Duta’s solicitors as stakeholders and released once the agreement becomes unconditional. A further RM246 million is payable within 90 days of that date, including the sum owed to Maybank Islamic Bhd, which holds the asset as security for facilities granted to Aman Duta. PHB will retain RM24 million, of which RM15 million is tied to defect rectification and RM9 million to the novation of the tenancy.
Completion is expected in the first half of 2027, subject to conditions precedent that include approval for the property transfer, a signed tenancy novation and the final site measurement report. Titijaya shareholders do not need to approve the sale. A defects indemnity capped at RM8.4 million survives completion.
Titijaya will stop collecting rent from the property once the sale completes, partly offset by savings on financing costs. Proceeds will first redeem the facilities secured on the asset, with the balance earmarked for working capital, landbanking and future development.
The hub sits inside a corridor that has drawn steady industrial investment. In a September 2025 assessment, MARC Ratings said Titijaya expected the 10-year DHL tenancy to generate RM18.5 million a year. That figure was an expectation at the time and does not establish the current rent or the yield PHB will earn.
