Source of Publication : The Sun Daily
Date: 6 January 2012
KUALA LUMPUR (Jan 5, 2012): Kumpulan Wang Persaraan (KWAP), which recently completed its acquisition of the 14-storey ASX Building in Sydney, Australia for A$185 million, will remain active in the global real estate market, said its CEO Datuk Azian Mohd Noh.
"In 2012, we will continue to remain active in the global real estate market and grow KWAP's real estate portfolio. Besides Australia, UK is another major property investment destination for KWAP.
"KWAP has allocated 4% of its entire fund size or RM3.2 billion for both local and international property investments and this is KWAP's second acquisition in Australia," she said in a statement today.
The acquisition is part of KWAP's international property investment venture, she said, adding that the property, with a net lettable area of 213,089 sq ft was currently 85% occupied.
Elaborating on the ASX Building, Azian said it was a Grade A freehold office building located at the corner of Bridge Street and Pitt Street, Sydney's prime financial district.
The building's major tenant, ASX Operations Pty Ltd, part of the ASX Group which operates the Australian Securities Exchange, occupies 57% of the property space and the ground floor retail space is currently occupied by HSBC Bank Australia Ltd.
KWAP appointed CB Richard Ellis to undertake management of the asset.
KWAP acquired its first property in Australia — 737 Bourke Street office building in Melbourne — in December 2010 for A$113 million.