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EPF to further invest in UK and Australian assets
 
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EPF to further invest in UK and Australian assets
Sep 10, 2012
LONDON: The Employees Provident Fund (EPF) will spend RM1.9bil to RM2.5bil to buy additional assets in London and Australia within the next two years, said its top executive.

To date, EPF has spent RM 4.9bil on seven buildings in London alone, according to CEO Tan Sri Azlan Zainol, who added that this move is in line with EPF's aims to invest 20 per cent of its funds in international assets.

"We are also looking at investment opportunities in other Euro countries, but we are more comfortable with the UK because its laws are similar to Malaysia's," he said, adding that it is the same with Australia's legal structure. 

Azlan said EPF's investments in Australia comprise three properties - one was a direct acquisition while the other two were through investment in funds.

EPF owns a 20 per cent share in the three-member Malaysian joint venture, together with Sime Darby Bhd and SP Setia Bhd, aimed to redevelop the Battersea power station into a new town centre. 

The Battersea redevelopment is expected to span about 15 years involving a few phases with a gross development value of RM39.8bil.

"In any property development project, we expect beyond 10 per cent per annum," he said, when asked on the expected returns from the riverside redevelopment.

EPF's seven property assets in London include commercial building Whitefriars which it bought from Union Investment for RM736mil in March last year, One Sheldon Square in Paddington Central, 40 Portman Square near Oxford Street and an office block in St James's Square where one of the tenants has one of London's highest rents.
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