PNB invests RM4.9bil to buy properties in Australia, UK

KUALA LUMPUR: Permodalan Nasional Bhd (PNB) has spent RM4.9 billion to buy properties in Australia and London, said president and chief executive, Tan Sri Hamad Kama Piah Che Othman.

The fund management company owns Santos Place in Brisbane, Australia and three office buildings Milton and Shire House, One Exchange Square and 90 High Holborn in London.

He said PNB was currently in talks to buy another building in London. These talks, he said, were expected to be completed by the end of the month.

Last year, PNB was reported to have said it expected the real estate sector to be one of its core sectors, other than securities, and eyed opportunities to invest in properties not only locally but overseas.

“PNB has changed. In the past it was shares but now we are looking at real estate which would bring in stable returns,” he said at the announcement of the dividend for Amanah Saham Malaysia for financial year ending March 31, 2012 here today.

Hamad Kama Piah said PNB, when it considered buying properties overseas, would look at whether the property would yield sustainable income in the long term.

By Bernama