Source of Publication : The Malaysian Reserve
Date: 6 January 2012
Kumpulan Wang Porsaraan (KWAP) has completed its acquisition of a 14-storey ASX building in Sydney. Australia, for A$185 million (about RM599.35).
KWAP Chief Executive Officer Datuk Azian Mohd Noh said the acquisition was part of its international property investment venture.
KWAP or Retirement Fund Inc. has allocated 4% of its entire fund size or approximately RM3.2 billion for both local and international property investments, and this was KWAP's second acquisition in Australia, the statement said.
"Besides Australia, the UK is another major property investment destination for KWAP' Azian said in the statement.
This was KWAP's second property investment in Australia after acquiring 737 Bourke Street office building in Melbourne in December 2010 for AUS3 million or RM365.78 million.
KWAP also initialed a joint venture with the Employees Provident Fund to purchase three properties in the UK for KR244.6 million, according to earlier reports.
The latest acquisition, with a net lettable area of 1.98ha, is currently 85% occupied. The building's major tenant, ASX Operations Pty Ltd, part of the ASX Group which operates the Australian Securities Exchange, occupies approximately 57% of the property space and the ground floor retail space is currently occupied by HSBC Bank Australia Ptd.
KWAP has appointed CB Richard Cllis to undertake the property management of the asset.