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  • KWAP Buys Office Building In Brisbane For RM526mil
  • PETALING JAYA: Retirement Fund Inc (also known as Kumpulan Wang PersaraanDiperbadankan or KWAP), which manages RM98bil worth of assets, has acquired its third commercial property in Australia for A$172mil (RM526mil).

    The country’s second-largest pension fund is taking advantage of the favourable currency exchange rate to increase its investment overseas for higher returns.

    The ringgit strengthened 5.2% year-to-date against the Australian dollar at 3.02 yesterday.

    KWAP had yet to issue an official statement as at press time, but a spokesperson confirmed that the fund had completed the deal to acquire a 26-storey office building in Brisbane.

    An Australian daily reported yesterday that the 25,111-sq-m Grade A tower changed hands at a 9% yield in a deal that was handled by CBRE.

    PETALING JAYA: Retirement Fund Inc (also known as Kumpulan Wang PersaraanDiperbadankan or KWAP), which manages RM98bil worth of assets, has acquired its third commercial property in Australia for A$172mil (RM526mil).

    The country’s second-largest pension fund is taking advantage of the favourable currency exchange rate to increase its investment overseas for higher returns.

    The ringgit strengthened 5.2% year-to-date against the Australian dollar at 3.02 yesterday.

    KWAP had yet to issue an official statement as at press time, but a spokesperson confirmed that the fund had completed the deal to acquire a 26-storey office building in Brisbane.

    An Australian daily reported yesterday that the 25,111-sq-m Grade A tower changed hands at a 9% yield in a deal that was handled by CBRE.

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