VISIONARY Heritage Bhd (VHB), a special purpose vehicle sponsored by industrial property specialist ISP Holding Sdn Bhd, has successfully completed the inaugural issuance of the RM114 mil ASEAN Green Sukuk Wakalah under its RM2 bil sustainability industrial Asset-Backed Securitisation (ABS) Sukuk Wakalah programme.
The issuance comprises both senior and junior tranches with the senior tranche fully subscribed by Public Islamic Bank Bhd, signalling strong investor confidence in the underlying asset and sukuk structure.
CIMB Investment Bank Bhd acted as the sole principal adviser, sole lead arranger and lead manager for the transaction.
Proceeds from this green sukuk are being used to finance the acquisition of a prime industrial asset in Iskandar Puteri, Johor – a fast-growing logistics and industrial hub in southern Malaysia.
Strategically located near major expressways and surrounded by prominent industrial zones such as the Nusa Cemerlang Industrial Park, Nusajaya Techpark and the Southern Industrial & Logistics Clusters (SILC), the said property consists of seven factory units across six blocks.
Each block is designed with flexibility to be independently fenced, allowing secure multi-tenancy arrangements.
Fully-leased
That the asset is fully leased to a diversified mix of established local companies, Chinese enterprises and multinational corporations (MNCs) highlights strong institutional demand for quality industrial space.
“This milestone underscores ISP Group’s ability to innovate in financing while remaining anchored in strong fundamentals,” commented ISP Holding’s founder and group CEO Eric Ng.
“We’re proud to offer investors access to high-quality, ESG (environment, social & governance)-aligned real estate opportunities through Shariah-compliant structures that support both financial and environmental objectives.
Added Ng: “This sukuk aligns with global ESG standards and reflects our on-going commitment to shaping sustainable financing tools that benefit both investors and the environment. Furthermore, the asset has received Silver certification under the GreenRE green building standard.”
As regional demand for green financing continues to grow, ISP Group aims to scale its portfolio of sustainable industrial and logistics assets by leveraging the flexibility of the ABS Sukuk Wakalah structure.
With this inaugural issuance, ISP is reinforcing its role as a progressive force in Malaysia’s industrial property sector by combining growth with sustainability at its core.
This successful first issuance under VHB marks a pivotal milestone in ISP’s broader capital markets roadmap as it paves the way for future green sukuk issuances to support the group’s national expansion. – May 16, 2025
