Malaysian investor makes first overseas investment
Malaysia’s Employees Provident Fund has purchased a 49 percent stake in OSK Holdings BHD’s Australian project Yarra Park City for $115.9 million, the first overseas property investment by the Malaysian pension fund this year.
In a statement, EPF CEO Datuk Shahril Ridza Ridzuan said the Melbourne Square project met EPF’s long-term objectives and would be a good addition to its overseas portfolio.
Yarra Park City, an Australian subsidiary of OSK, is developing a five-acre, mixed-use Melbourne Square development to transform a former parking garage bounded by the Westgate Freeway and Kavanagh, Balston and Power streets in Melbourne’s Southbank.
The project has a gross development value of more than $2.1 billion. PJ Development Holdings, a subsidiary of OSK, will hold the remaining 51 percent in the development.
The project comprises four towers of residential apartments, an office tower, a hotel/serviced apartment tower and multiple street-level reta