The Employees' Provident Fund (EPF) has reportedly set aside RM24 million to cover potential investment costs in its Battersea project in London.
This provision was made following the update of accounting rules (IFRS 17) which started in January 2023.
The allocation will also contribute to the EPF's 20% holding from Battersea Project Holding Company Ltd (BPHCL), with other Malaysian firms such as S P Setia and Sime Darby Property each holding 40%.
BPHCL allocated RM120 million for the rental agreement, with EPF's share amounting to RM24 million.
This allocation is used primarily for 50 Electric Boulevard, an office building in Phase 3B of the development, which has not yet been fully leased.
However, as more tenants move in, the need for such provisions should be reduced.
Apple has fully leased the rest of the project, and the retail space has reached 95% occupancy.
The Battersea site has become a major attraction, attracting around 12 million visitors by the end of 2023, signaling positive growth for EPF investment.
