PNB puts Brisbane asset on the market

KUALA LUMPUR: Australian media reports suggest that Permodalan Nasional Bhd (PNB) has put its asset in Brisbane on the market, which could see Malaysia’s largest fund manager netting in about A$400 million (RM1.34 billion) from the potential sale.

The Australian in its report on Sept 18, said PNB is readying to put Brisbane’s Santos Place office building on the block in a move that could reap almost A$400 million.

The sale of the 35,400 sq m tower located at 32 Turbot Street will reportedly be handled by commercial real estate company Colliers International.

“The 37-storey building, developed by Nielson Properties on land previously acquired by the firm’s investment partners, was the largest post-global financial crisis property transaction in Brisbane, as well as the nation’s largest six Green-Star-rated A-grade office building at the time,” the report read.

Santos Place, acquired in 2010 for a price tag of A$290 million (RM838.19 million), was PNB’s first offshore property investment.

PNB did not respond to requests for comment as at press time.

Besides Santos Place in the land down under, PNB also owns three other properties in London, UK.

While 98% of PNB’s investments are domestic, the remaining 2% are overseas.