Professor Rajesh Chandra, Vice-Chancellor and President of USP and Mr Viliame Vodonaivalu, Chief Investment Officer of FNPF after the signing.
The University of the South Pacific (USP) and Fiji National Provident Fund (FNPF) signed a Memorandum of Understanding (MOU) on 17 November 2017 to jointly develop a commercial/retail project at the University.
USP is expanding its commercial operations to diversify its income streams to leverage its resources more fully.
The University had advertised for Expressions of Interest (EOI) seeking partners to develop the commercial projects and the USP Tender Committee selected FNPF as the successful candidate to explore a joint venture for the new development.
Professor Rajesh Chandra, Vice-Chancellor and President of USP said that FNPF has financial capacity and experience in commercial/retail development in Fiji and is the appropriate partner for the project.
The first phase includes the development of an iconic high-end mixed commercial/retail property that will have conference facilities, local & international food courts, departmental stores, specialty shops and hotel accommodation.
The development is situated in a very prime location and perfectly positioned to capture the sporting events, religious events and conference markets with the addition of USP students expected to provide foot traffic through the development on completion on a daily basis.
The joint partnership is the beginning of a long term partnership that is going to benefit both the students of the Pacific region and the members of FNPF.
Mr Viliame Vodonaivalu, Chief Investment Officer of FNPF said the Fund is pleased to partner with a credible institution for this venture, as the Fund continues to diversify its investment to grow members’ funds.
The parties are expected to call for EOI from key consultants including Architects, Quantity Surveyors, Geotechnical and other relevant consultancy and services for the project. The parties will discuss the details of the joint venture project, now that this MOU has been signed.
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