FNPF buys prime assets

Source: The Fiji Times
Author: Timoci Vula

The Fiji National Provident Fund (FNPF) has acquired a mixed-use commercial and industrial properties comprising prime assets at the Kalabu Tax Free Zone in Valelevu for an undisclosed sum.

The Fund purchased the portfolio from Lyndhurst Investments Pte Ltd, the parent company of Magi Enterprises (Fiji) Pte Ltd, exclusive producer of the Kookai fashion brand.

In a statement issued yesterday, FNPF said the properties comprise three factory outlets, three warehouse buildings and a tenant profile including Kookai, RCL Services, Hot Bread Kitchen and Gibson Freight.

"We are delighted to acquire this high-quality portfolio of stabilised income-producing assets which further improves the quality of our diversified unlisted property portfolio," Fund CEO Viliame Vodonaivalu said in a statement issued yesterday.

"In their current state, the properties offer flexible working spaces to cater for the emerging BPO market (business processing outsourcing), as well as the logistics and warehouse sector."

FNPF, he said, conducted an extensive due diligence in the acquisition process and "is committed to investing in unique opportunities such as these, to help members grow their retirement savings".

The acquired properties cover a land area of 8.2 acres of crown lease.

Lyndhurst Pte Ltd businesses also include property investment, development and management, security services management, greenhouse nursery, landscaping and plant hire services and IT solutions and software development.

Further questions on this acquisition have been sent to the FNPF.