By Sharen Kaur
KUALA LUMPUR: Retirement Fund Inc (KWAP) has acquired its first asset here for RM1.07 billion and is buying more properties.
Chief executive officer Wan Kamaruzaman Wan Ahmad said KWAP would be allocating between six and eight per cent of its fund for investment in domestic and international property markets.
KWAP, which was incorporated in 2007 and is the country's second largest pension fund, has a total fund size of RM99.92 billion as at December 31 2013, versus RM61.5 billion in 2009. Its fund size has grown by an average 13 per cent per annum.
KWAP's maiden acquisition in Malaysia is the RM1.07 billion Integra Tower, which is located at the intersection of two of the most active commercial spines here - Jalan Ampang and Jalan Tun Razak.
The tower, which was completed in 2012, was acquired from a private real estate fund managed by Black-Rock.
The 39-storey Grade A office building with LEED Platinum certification forms part of The Intermark that comprises Vista Tower, Double Tree by Hilton and Intermark Mall. Integra Tower, with net lettable area of 70,673 square metres and 850 parking bays, will provide a six per cent yield to KWAP.
"Integra Tower will give good returns to KWAP from rental income," said Wan Kamaruzaman in a statement yesterday.
KWAP made its first property acquisition abroad in 2010 and owns six properties in Sydney, Melbourne and Brisbane in Australia, and three in London, the United Kingdom.
As at December 31 2013, KWAP's total investment in international properties was RM4.08 billion.
KWAP is looking to increase its property investment overseas and is eyeing a few assets in the United States, albeit cautiously.
"KWAP intends to buy two or three quality assets in the US that will give around six per cent yield. It is looking at a few commercial properties but is not rushing to buy because of the market situation and ringgit depreciation," said a source with knowledge of the matter.
KUALA LUMPUR: Retirement Fund Inc (KWAP) has acquired its first asset here for RM1.07 billion and is buying more properties.
Chief executive officer Wan Kamaruzaman Wan Ahmad said KWAP would be allocating between six and eight per cent of its fund for investment in domestic and international property markets.
KWAP, which was incorporated in 2007 and is the country's second largest pension fund, has a total fund size of RM99.92 billion as at December 31 2013, versus RM61.5 billion in 2009. Its fund size has grown by an average 13 per cent per annum.
KWAP's maiden acquisition in Malaysia is the RM1.07 billion Integra Tower, which is located at the intersection of two of the most active commercial spines here - Jalan Ampang and Jalan Tun Razak.
The tower, which was completed in 2012, was acquired from a private real estate fund managed by Black-Rock.
The 39-storey Grade A office building with LEED Platinum certification forms part of The Intermark that comprises Vista Tower, Double Tree by Hilton and Intermark Mall. Integra Tower, with net lettable area of 70,673 square metres and 850 parking bays, will provide a six per cent yield to KWAP.
"Integra Tower will give good returns to KWAP from rental income," said Wan Kamaruzaman in a statement yesterday.
KWAP made its first property acquisition abroad in 2010 and owns six properties in Sydney, Melbourne and Brisbane in Australia, and three in London, the United Kingdom.
As at December 31 2013, KWAP's total investment in international properties was RM4.08 billion.
KWAP is looking to increase its property investment overseas and is eyeing a few assets in the United States, albeit cautiously.
"KWAP intends to buy two or three quality assets in the US that will give around six per cent yield. It is looking at a few commercial properties but is not rushing to buy because of the market situation and ringgit depreciation," said a source with knowledge of the matter.
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