KUALA LUMPUR: IJM Corp Bhd’s Finsbury Circus project in London is set to deliver substantial value to the company, with an impressive gross development value (GDV) of RM2.4 billion. This development is a major boost to the group’s international property portfolio, according to MIDF Research.
As part of its medium-term strategy, IJM Corp aims to expand its investment property portfolio to RM2 billion over the next five years. This ambitious plan will focus on strategically selected overseas assets that offer prime locations, sustainability credentials, and strong tenant profiles.
One of the key highlights of the Finsbury Circus development is the long-term lease agreement signed with global law firm Simmons & Simmons LLP. The firm has committed to a 20-year lease, occupying approximately 62% of the 25 Finsbury Circus property, with an option to extend to 80%. This lease agreement is seen as a testament to the property’s appeal and the effectiveness of IJM Corp’s strategic plan to diversify and develop high-quality, income-generating assets.
For the third quarter of the financial year ending December 31, 2024, IJM Corp reported a 12.9% year-on-year increase in net profit to RM113.3 million, driven by a 4.4% growth in revenue to RM1.54 billion. However, the company experienced a slight dip in its cumulative nine-month earnings, with net profit falling by 6.9% to RM274.4 million due to unrealised foreign exchange losses. Despite this, analysts remain optimistic, expecting IJM Corp to deliver strong earnings growth in the coming years, bolstered by a robust pipeline of industrial contracts, including several hyperscale data centre projects valued at a total of RM12 billion.-NST
