EPF, OSK TEAM UP FOR MELBOURNE SQUARE PROJECT

PETALING JAYA: The Employees Provident Fund (EPF) will pump in A$175 million (RM587 million) to partner OSK Holdings Bhd for a mixed-use development project in Melbourne, Australia, dubbed “Melbourne Square”.

The project comprises four towers of residential apartments, a retail mall, an office tower and a hotel/serviced apartments, OSK told Bursa Malaysia.

The permit for the master plan was approved on Dec 21, 2015 and the first stage of the development was endorsed on Feb 14, 2017 by the Victoria state government.

To facilitate the partnership, OSK disposed of its entire stake in Yarra Development Holdings (Australia) Sdn Bhd (Yarra Holdings) to EPF for RM100.

OSK also announced that its indirect subsidiary Yarra Australia Development Pty Ltd (Yarra Australia) would take up at least a 49% stake in Yarra Park City Pty Ltd for A$154 million (RM516 million). Yarra Park City owns the development rights of the project.

Yarra Holdings, the beneficial owner of Yarra Australia, has applied for a credit facility of up to A$175 million to enable Yarra Australia to subscribe for shares in Yarra Park City. P.J. (A) Pty Ltd and Equity & Property Investment Corp Pty Ltd hold the remaining 38.25% and 12.75% stake each in Yarra Park City.

– Sundaily