The Fiji National Provident Fund has acquired 25 percent of Higgins Holdings (Fiji) Pte Ltd.

The Fund says Higgins Group Holdings Limited, which is a New Zealand entity, has divested 50 percent of Higgings Holdings (Fiji) Pte Ltd shares to the FNPF and Fijians Holdings Limited, each acquiring 25 percent.

Higgins is a New Zealand entity and a fully owned subsidiary of Fletcher Building Limited, which is listed on the New Zealand and Australian Stock Exchanges.

FNPF Chief Executive Viliame Vodonaivalu says the Fund has a close relationship with Fletcher Construction, having engaged the renowned company in major construction projects around the country.

He says this co-investment not only diversifies the FNPF investment portfolio but also creates mutual benefit for the fund in completing its unlisted property portfolio and development pipeline.

The transaction is expected to be completed by the end of this month.