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CIMB Bank sells stake in 2 real estate funds

CIMB Group Holdings Bhd. unit CIMB Bank Bhd. completed the sale of its entire stake in two real estate funds.

The bank sold its 12.42% interest in CIMB-TrustCapital Australian Office Fund No. 1 and its 13.70% stake in CIMB-TrustCapital Australian Office Fund No. 2 to Employees Provident Fund Board on Dec. 16, according to a same-day release.

Both funds are private equity, closed-end real estate funds that invest in commercial office assets in major Australian cities like Melbourne and Sydney.