EPF invests in first Aussie development project

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The Employees Provident Fund (EPF) is to invest AUD154m (€109m) in a mixed-use development in the centre of Melbourne in Australia, alongside Malaysian industrial group OSK Holdings.

In a filing to Bursa Malaysia, the local stock exchange, OSK said EPF had taken a 49% stake in Yarra Park City, an Australian subsidiary of OSK.

OSK has retained a 51% interest in the company through one of its subsidiaries, PJ Development.

The project is EPF’s second investment in a development project outside Malaysia, and OSK’s first property project in Australia.

OSK said it bought what it considers to be “one of the last pieces of sizeable prime land available for an iconic development in Melbourne city” for MYR439m (€93.1m) in an off-market deal in 2014.