Kuala lumpur: Sime Darby Property Bhd (SDP) counter was traded flat after announcing a RM1.25 billion real estate development fund, the New Economy Venture (NEV), to invest in build-to-suit-to-lease data centres, and industrial and logistics development projects within its key townships.

According to BERNAMA News Agency, at 10.21 am, SDP share prices stood at RM1.37, with 399,800 shares traded. SDP announced that the fund is structured as a shariah-compliant closed-end fund, while the NEV is a discretionary investment platform with a five-year fund life.

The fund was backed by institutional investors, including the Employees Provident Fund, Lembaga Tabung Angkatan Tentera, and Great Eastern Life Assurance (Malaysia) Bhd. SDP counter was halted from 9 am today and resumed trading at 10 am.