FIC puts Kensington Park City Grand Plaza Hotel on market

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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