EPF, KWAP make first purchase in London

HONG KONG: 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 (RM5 billion) in the British property market.

The 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% and a capital value of £802 per sq ft, Jones Lang LaSalle Inc said on Friday, Nov 12.

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
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