Malaysia’s second-largest financial services player is reviewing its local property holdings and preparing to put a major slice of its AD1 billion office towers portfolio on the market, the Australian reports.

The sale is being done by the group via fund manager CIMB-TrustCapital Advisors, jointly controlled by its real estate unit and Singapore-based TrustCapital Advisors.

The Australian report says key executives were unavailable for comment Wednesday but that the offering, probably later this year, is part of a selldown by Malaysian interests of their Australian and global portfolios.

An earlier report in FMT had said that Kumpulan Wang Persaraan (KWAP) might sell its 14-storey Sydney building, which was bought in 2011.

“We have expression of interest in the Sydney property from both Australian and global players, if the price is right, we will sell,” CEO Wan Kamaruzaman Wan Ahmad had then said.

The Australian report noted that CIMB group would make good profits by selling its properties in Australia as it had bought them at lower prices in the wake of the global financial crisis.

For instance, with the backing of Malaysia’s Employees Provident Fund, the fund bought Canberra landmark 50 Marcus Clarke Street from the Walker Corporation for about AD226 million in 2012.

CIMB-Trust Capital’s State Law Building at 50 Ann Street, bought for AD131.8 million in 2014, is also likely to be sold at a stiff premium.

CIMB last year considered listing a trust anchored by Australian office towers on the Singapore stock exchange. But now the group is looking to offload key assets in the capital cities or find new investors to back the assets, says the report.