News

FIC puts Kensington Park City Grand Plaza Hotel on market

By 2018-09-06T12:51:00

Park City Grand Plaza Kensington

Malaysian government subsidiary company Felda Investment Corporation Sdn Bhd (FIC) has appointed Colliers International to market its controversially-acquired 50,000 sq ft Park City Grand Plaza Kensington hotel in London.

FIC purchased the four-star hotel for £61m in 2014 in a deal which currently being investigated by the Malaysian Anti-Corruption Commission. The investigation centres around the fact that the £61m paid is three times market value. FIC is a subsidiary of the Federal Land Development Authority which was established under the Malaysian Land Development Act 1956 and is currently under investigation for its £1.49bn debts.

Felda was also alleged to have overpaid by 70% of market value for the £95.65m Grand Plaza Serviced Apartments in Bayswater in 2014 but a MACC investigation of this purchase saw no charges brought to anyone related to the deal.

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