Malaysian conglomerate IJM Corporation Berhad has completed its acquisition of a 50 per cent stake in UK contractor JRL Group, formalising a partnership intended to target high-value, rail-adjacent developments in London and beyond.
The £50m deal – announced last November – is part of IJM Land’s UK expansion strategy and will underpin the firm’s Innova joint venture with Network Rail Property, which is pursuing residential-led schemes on railway land across four London boroughs. The pipeline is expected to deliver schemes with a total gross development value of more than £3bn, according to IJM.
IJM and JRL already work together on Royal Mint Gardens Phase 2, where JRL’s main contracting arm Midgard is delivering a hotel-led mixed-use scheme due to complete in 2028. The project includes 79 apartments and a 463-room Wilde Aparthotel operated under a long-term lease to Staycity Group.
Midgard previously completed phase one of the programme for IJM.
JRL said the deal provides it with additional capital to support a £1.45bn order book and a £780m property pipeline of approximately 2,400 homes across seven UK sites. The partnership is expected to unlock further investment opportunities and enhance both firms’ development and delivery capabilities, the firm added in a joint statement today (24 April) with IJM.
JRL Group’s board said the agreement was the culmination of a long-standing relationship between the two companies, while IJM Group chief executive and managing director Datuk Lee Chun Fai said the move would strengthen its UK offering.
He said: “JRL’s technical expertise and robust delivery record will enhance our ability to pursue transit-oriented and infrastructure-led developments in the UK.”
IJM Corporation was formed in 1983 and operates across construction, property, industry and infrastructure concessions. The Kuala Lumpur-listed company has a market capitalisation of RM7.33bn and reported RM20.2bn in assets as of September 2024.
JRL Group, founded in 1996, is headquartered in the UK and provides an integrated delivery model across piling, concrete frames, modular systems and main contracting. It was ranked 27th in the CN100 2024 with turnover of £826m and an average monthly headcount of 2,278 employees.
Source: JRL press release