EPF, KWAP make first purchase in London
By Reuters
HONG KONG, Nov 12 — Malaysia’s two main government pension funds have made their first purchase in Britain, acquiring an office building as part of plans to invest up to £1 billion (RM4.98 billion) in the British property market.
Employees Provident Fund (EPF) and Kumpulan Wang Persaraan (KWAP) acquired the office building in London for £156.7 million, translating into a yield of 5.75 per cent and a capital value of £802 pounds per sq ft, Jones Lang LaSalle Inc said on Friday.
The two funds purchased the building from a consortium includes Aviva Plc, Invista SA, Henderson Global Investors and Liquid Realty Partners, said property services firm Jones Lang LaSalle, which advised on the deal.
Asian investors have been flocking to London to purchase property, taking advantage of their strong currencies and a relatively weak sterling. — Reuters
