KWAP to expand real estate portfolio; eyes Australia, UK

KUALA LUMPUR (Jan 5): Kumpulan Wang Persaraan (KWAP), which recently completed its acquisition of the 14-storey ASX Building in Sydney, Australia for A$185 million (RM599.69 million), will remain active in the global real estate market, said its chief executive officer 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 four per cent of its entire fund size or approximately RM3.2 billion for both local and international property investments and this is KWAP's second acquisition in Australia," she said in a statement.

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 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.

The building's major tenant, ASX Operations Pty Ltd, part of the ASX Group which operates the Australian Securities Exchange, occupies approximately 57 per cent 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 the property management of the asset.

This is KWAP's second property investment in Australia after acquiring 737 Bourke Street office building in Melbourne in December 2010 for A$113.0 million. — Bernama

Looking for properties to buy or rent? With >150,000 exclusive listings, including undervalued properties, from vetted Pro Agents, you can now easily find the right property on Malaysia's leading property portal EdgeProp! You can also get free past transacted data and use our proprietary Edge Reference Price tool, to make an informed purchase.