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8 April 2015
ICWA PROPERTY SALES “THE SMART MOVE”
Statement from CCI Chief Executive Officer Deidre Willmott
The Chamber of Commerce and Industry Western Australian (CCI) welcomes the Insurance
Commission of Western Australia’s (ICWA) decision to divest its property assets saying it will allow the
insurer to concentrate on its core business.
The ICWA announced it would sell three commercial office buildings in Perth and two major retail
suburban shopping centres that make up part of its $4.4 billion investment portfolio.
The ICWA has said money raised from the sale would be used to fund indirect property investments
and other investment classes to offset insurance liabilities.
CCI WA Chief Executive Officer Deidre Willmott said the asset sale strategy was the “right move” for
ICWA and for the state.
“It did not make sense for a Government- run insurer to be managing property assets when it should
be concentrating on its core business,” Ms Willmott said.
“These sales will generate billions in revenue for ICWA and the new asset owners can further develop
the properties which will be good for the economy and West Australians.”
Contact: Byron Vale – 0468 988 911
Chamber of Commerce and Industry Western Australia
180 Hay Street, East Perth, Western Australia 6004 | P: (08) 9365 7555 | F: (08) 9365 7550 | E: [email protected]