FNPF to spend $25m buying Fiji missions
July 28, 2015 7:05 pm
The Fiji National Provident Fund is currently in negotiations to buy a number of our diplomatic missions overseas from the Fijian government.
FNPF Board Chair Ajith Kodagoda confirms they are finalising the Sale and Purchase Agreement for some of the properties which are designated as embassies and high commissions around the world.
“If we can transparently invest in properties particularly owned by the government, we will look at that seriously. I don’t think the government is interested in running properties. So investment in good properties for long terms returns is an opportunity for us.”
Kodagoda confirms there are some embassies which need further legal issues to be settled.
Approvals are needed from the host nations – because the properties were given to the government of Fiji but not necessarily with the freedom to sell to a third party.
The Superannuation fund is likely to spend $25m dollar to acquire all Fiji embassies and high commissions, and then lease it out to the government.