FNPF expands investment portfolio
31 May, 2018, 10:00 pm
THE Fiji National Provident Fund (FNPF) today expanded its investment portfolio particularly in the tourism sector with the acquisition of three high profile assets in Denarau.
The fund has announced their acquisition of assets from Marriott International which include the 297-room Sheraton Resort, 246-room Westin Resort, and the 111 hectare Denarau Golf Course and Development Land.
FNPF chairman Ajith Kodagoda said this was a huge investment in Fiji’s major tourism destination and an investment which the Fund and our members can be proud of.
“The Denarau hotels have been operating profitably over the years and are expected to provide good returns to our members,” he said.
“The Development Land presents an even bigger investment opportunity and the Fund will explore ways to capitalise on this.”
Mr Kodagoda said they had followed proper traditional protocols seeking the advise of the Yavusa Navatulevu, Sila and Nabati (iTaukei landowners) of their intention to acquire these assets.
The assets boast a prime beachfront location on the north-western tip of Denarau Island – Fiji’s premier tourism and leisure destination.
Denarau is the most established and high-profile tourism destination in Fiji and benefits greatly from its close proximity to Nadi International Airport and the Denarau Island Convention Centre, the largest conference facility in the country.
The recent acquisition also adds to FNPF’s existing stable of hotel assets that include the recently-opened Fiji Marriott Resort Momi Bay, the Intercontinental Fiji Golf Resort & Spa – home of the Fiji International Golf Tournament, Holiday Inn Suva and the Grand Pacific Hotel.