The Great Minster comprises a 6-storey office building with an area of 179,869 sq m

by NURUL SUHAIDI / pic MUHD AMIN NAHARUL

LEMBAGA Tabung Haji (TH) is acquiring a freehold building in London to strengthen its investment in the overseas property market, in addition to the existing freehold it acquired.

Group MD and CEO Datuk Seri Amrin Awaluddin said this property will provide good long-term returns to TH since it has a long rental contract, maintenance costs are fully borne by the tenant, and the rental rates in the area are increasing every year and the market value is stable.

The building, known as Great Minster at 33 Horseferry Road, Victoria, comprises a six-storey office building with an area of 179,869 sq m, and is located strategically in the largest business district in London’s West End.

Amrin said the property is a government building that houses the UK’s Transport Ministry.

Victoria is also home to many government and public sector offices due to its proximity to the Parliament building as well as easy access to all major public transport including Pimlico, Westminster and Victoria underground public rail stations, as well as other major routes.

“London is a growing financial and commercial hub which attracts many business opportunities which is good for the property market in the long term,” Amrin said in a statement today.

He reiterated that TH is always mindful in making any real-estate investment and ensures it has immediate returns to cover annual haj costs and distributions of annual profit.

“It must have stable and secure long-term returns for the continuity of TH and its depositors,” he added.

TH allocated about 11% of its RM88 billion funds for investment in the real estate sector at home and abroad.

Moving forward, TH is now actively exploring opportunities to increase investment in the real estate sector abroad in an effort to diversify its investment portfolio.

“We believe this is identified as the best measure to earn competitive and consistent returns for the 8.5 million TH depositors,” he said.