Page 41 - November 2021 IB FINAL

FNPF BUILDS FOR THE FUTURE

myFNPF Centre Nadi and insert QBE Insurance Arcade Building
The Fiji National Provident Fund has played a critical role in meeting the 111-hectare Denarau Golf Course and Golf and Racquet Club.
immediate needs of Fijians affected by job losses and hardship as a result of The FNPF office in Labasa is the Fund’s lone property in Fiji’s northern division.
the coronavirus pandemic over the past 18 months. While it meets this critical These are some of Fiji’s most iconic properties. For example, the Grand Pacific
demand, it has also invested in the digitisation of internal processes, and Hotel was originally built in 1914, and is Suva’s premier hotel, hosting dignitaries
continues to maintain investment portfolio allowing preservation of assets and such as British Royals, the Duke and Duchess of Sussex on their visit to Fiji.
capital, ensuring the sustainability and security of member contributions in the FNPF took full ownership of the GPH in December 2018 after acquiring
future. shares previously held by Papua New Guinea’s National Superannuation Fund
As with all its operations, FNPF’s strategies are for the long-term. (NASFUND) and CGA Properties Limited.
FNPF invests with the vision that a member joining today will expect his The QBE Insurance Arcade Building in the heart of Suva is another of FNPF’s
or her savings to accumulate during his/her working life. The diversity of the more recent investments acquired during the early days of the pandemic.
Fund’s investment portfolio ensures it is able to earn returns for members under Announcing the acquisition, CEO Viliame Vodonaivalu stated that while the
changing market conditions. Fund was being conservative in its investment approach, it also recognised the
“FNPF is reliant on long-term Fiji domestic investments, over investments investment opportunities that are available in the market. In the case of the QBE
for the shorter term or in international markets. FNPF’s investment strategy building, this included the continued demand for space in Suva city and the
and portfolio is aligned around enhancing Fiji’s economic capability, so that our stability of the tenancy there.
member numbers grow, as do returns for members,” says Board Chair Daksesh FNPF’s property investment strategy is ensuring stable returns to landowners
Patel. as well. In recent years, it handed over a premium of $8.753 million to the i-Taukei
In 2020, FNPF investment portfolio grew in value from FJD$7.5 billion in 2019, Land Trust Board for the reinstatement of an expired lease for the 50 acres of
to $7.9 billion. The impact of COVID-19 on its investments, financial performance land at Denarau where the Sheraton Fiji Resort and Westin Resort stand.
and operations have been substantive but manageable, the Fund says. This enabled the issuance of new 99-year-term leases, effective from January
While FNPF investments in the tourism sector (approximately 8% of its 1st, 2018.
portfolio) have been most affected, investments in other sectors, including At the time, i-Taukei Land Trust Board General Manager Tevita Kuruvakadua
telecommunications, health, transport, properties and the financial sector has described the move as “something bright” for the three landowning units. “These
helped cushion losses felt in the tourism industry. particular leases have set a new platform for us. It’s locally owned, for the benefit
of the members and also we see a lot of potential in the unlocking of value of the
Property Portfolio land within these two leases. ”
The Fiji National Provident Fund has 29 properties in its portfolio, with a long-
term strategy of acquiring high-quality commercial assets with credit-worthy Rebuilding tourism
tenants, and the potential for a wide range of commercial developments. With Fiji’s borders reopening to international tourists on December 1st, FNPF
In Suva, its property portfolio includes FNPF Place, myFNPF Centre, Suva is looking forward to seeing its tourism properties buzzing with holiday makers
Holiday Inn, Harbour Centre, Downtown Boulevard, Harbour Front, Ganilau again.
House, Victoria Corner, Velop House, Mercury House, the Fiji Revenue and Its investment strategy is committed to supporting Fiji’s tourism and hospitality
Customs Complex, Kwong Ty Plaza, Grantham Plaza, Vodafone’s headquarters, industry as a critical pillar of the economy.
the Hugh Robinson Complex and the Grand Pacific Hotel. Last year, FNPF financed major renovation works at Sheraton Fiji Resort
In the Western division, FNPF’s property holdings are Natadola Beach Resort and has planned refurbishments for Westin Fiji Resort in the coming year. The
and Natadola Land Estate, the Intercontinental Fiji Golf Resort and Spa, Yatule Intercontinental in Natadola is also expected to undergo a major upgrade after
Beach Resort and Fiji Marriott Momi Bay, Provident Centre in Lautoka and the ten years of operation. The Intercontinental Hotel Group (IHG) now also manages
myFNPF Centre in Nadi, which will be opening on December 6th. It also owns the the Grand Pacific Hotel, with rebranding likely to follow property improvements.
Denarau tourism assets, including the Sheraton Resort, Westin Resort, and the

Islands Business, November 2021 41