Malaysia Airports announces JV with Mitsui Foundation
Malaysia Airports Holdings Berhad, the group that manages a majority of the country’s airports, has entered into a joint venture (JV) with Japanese real estate developer Mitsui Fudosan. The JV, which has been named as MFMA Development, will build a factory outlet project on land belonging to Malaysia Airport.
Fundamentally MFMA will lease land owned by Malaysia Airports, construct the buildings and then lease it out to tenants. The new company is 70% owned by Matsui and 30% owned by Malaysia Airports. The first site is to be built near Kuala Lumpur Airport and will have shuttle buses running to the terminal, flight display boards and even check-in desks.
The development, which will be overseen by MFMA’a managing director Takehito Fukui will include building on a 25,000 sq m piece of land, developing around 140 shops. The outlet park will open in early 2015 after construction begins at the end of 2013. By the end of construction – after the initial phase is completed – the site will be around 46,300 sq m and house 260 shops. Source.