FNPF acquires prime assets in Kalabu Tax Free Zone

June 19, 2024 3:00 pm

[File Photo]

The Fiji National Provident Fund has announced the acquisition of a significant mixed-use commercial and industrial portfolio at the Kalabu Tax-Free Zone from Lyndhurst Investments Pte Limited.

The newly acquired properties include three factory outlets and three warehouse buildings, housing notable tenants such as Kookai, RCL Services, Hot Bread Kitchen, and Gibson Freight.

Covering 8.2 acres of crown lease land, this portfolio marks a strategic investment aligned with FNPF’s goal of expanding its industrial property assets.

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Chief Executive Viliame Vodonaivalu expresses enthusiasm about the acquisition, emphasizing its contribution to the Fund’s mandate to generate rental income and achieve capital appreciation for the benefit of its members.

“We are delighted to acquire this high-quality portfolio of stabilized income-producing assets, which further improves the quality of our diversified unlisted property portfolio. The properties, in their current state, provide flexible working spaces suitable for the emerging business processing outsourcing (BPO) market, as well as the logistics and warehouse sector.”

He further highlights that the Fund conducted thorough due diligence during the acquisition process, reaffirming FNPF’s commitment to investing in unique opportunities that enhance retirement savings for its members.

The acquisition is expected to strengthen FNPF’s position in the industrial property market, ensuring sustained income and capital growth, and ultimately supporting the Fund’s mission to provide secure retirement benefits for its members.