KWAP To Grow Real Estate Portfolio, Eyes Australia & U.K

KUALA LUMPUR, Jan 5 (Bernama) -- The Kumpulan Wang Persaraan (KWAP), which recently completed its acquisition of the 14-storey ASX Building in Sydney, Australia for AU$185 million, will remain active in the global real estate market, said its chief executive officer, 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 on Thursday. (US$1=RM3.13) 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 per cent 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 AU$113.0 million. -- BERNAMA Malaysia biz