The Fiji National Provident Fund (FNPF) has agreed to acquire the QBE Insurance Arcade Building (subject to usual regulatory consents). Located at 33 Victoria Parade in the heart of Suva CBD area, the property provides easy access to customers and members of the public as a junction
between Scott Street and Joske Street in the central business district.
The asset consists of a land area of 2,134 square meters with parking spaces.
Positioned at a prime location, the property consists of an existing two storey commercial building with a total of 17 shops spaces and 12 office spaces fully tenanted
FNPF reassures its members that while it continues to be conservative in its investment approach during this current global pandemic situation, it also recognizes the investment opportunities that are available in the market.
FNPF Acting Chief Executive Officer, Mr. Viliame Vodonaivalu stated: “
FNPF is a long term investor and the continued growth of the property sector in the economy and demand for space in Suva city along with the stability of the tenancy of the QBE Insurance Arcade Building have proved to be a good combination and will serve the FNPF and its members very well for years to come.”
The acquisition further adds to the Fund’s overall property portfolio, which now stands at 29 properties.
The purchase of the property is consistent with the Fund’s long-term strategy of acquiring high quality commercial assets with credit-worthy tenants, also having the potential for a wide range of commercial developments.
FNPF looks forward to partnering with the current tenants and hopes to add value to the property and also explore potential development plans.
QBE Country Manager, Fiji, Phil Chisholm stated: “we are delighted to work with FNPF to complete the sale of the QBE Insurance Arcade Building and secure a long term leaseback as the anchor tenant.
The sale represents part of a capital alignment exercise for QBE and we remain committed to the Fiji market as a leading insurance provider. We look forward to working and partnering with FNPF into the future.”