Malaysian company IJM has completed the acquisition of a 50% equity stake in UK-based JRL Group Holdings for £50m ($66.4m, RM283m).
This investment signifies the start of a long-term partnership aimed at enhancing capabilities and pursuing growth opportunities within the UK construction market.
This acquisition was initially reported in November 2024.
Headquartered in Borehamwood, Hertfordshire, JRL is a construction solutions provider established in 1996.
With 14 specialist divisions, JRL offers a full range of contracting, design, manufacturing, and plant services.
The company has a portfolio across residential, commercial, and institutional sectors, boasting an order book worth £1.45bn (approximately RM8.49bn), which provides earnings visibility for the upcoming three years.
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By GlobalDataAccording to the company, the acquisition is set to bolster IJM’s core construction capabilities, complementing its existing RM6bn order book.
JRL’s in-house delivery model, which includes divisions such as Midgard, J Reddington; McMullen Facades; Ark M&E; and London Tower Crane Hire, is claimed to be particularly synergistic with IJM’s strategy to expand in the UK market.
This move is also stated to strengthen JRL’s capital base, enhancing liquidity and supporting the execution of its order book and future projects.
IJM’s broader strategy involves diversifying revenue streams and expanding its international presence, with the UK being a focal point for the group’s investments in property, construction, and urban regeneration.
JRL’s expertise, especially in complex urban and infrastructure-linked sites, is stated to be aligned with IJM’s interest in transit-oriented developments.
The acquisition combines IJM’s development experience with JRL’s contracting proficiency, optimising the value chain and solidifying the group’s position in a mature market, states the company in its press release.
Since 2021, JRL has diversified into property development, with approximately 2,400 build-to-rent and co-living units across seven sites, estimated to have a gross development value of £780m (approximately RM4.58bn).
JRL’s main contracting division, Midgard, has a history of collaboration with IJM, having constructed IJM Land’s first UK development, Royal Mint Gardens Phase 1.
IJM Group CEO and managing director Dato’ Lee Chun Fai said: “The completion of this acquisition marks a significant advancement in IJM’s UK growth strategy. JRL’s strong project delivery credentials, specialised technical expertise and solid order book enhance our construction capabilities. This enables us to effectively pursue complex, transit-oriented and infrastructure-led developments, aligning with IJM’s long-term plans in the UK market.”
JRL Group managing director John Reddington added: “Finalising this partnership marks a major milestone for JRL, built on mutual trust developed over years of collaboration. IJM’s global experience and strategic ambition align with our focus on complex, large-scale delivery. Together, we are well-positioned to unlock new opportunities and drive the next phase of growth in the UK.”
