London office space leased by Malaysian pension fund.
The Malaysian Employees Provident Fund lease new office space in London.
The Malaysian Employees Provident Fund have acquired 40 Portman Square in Central London.
The Malaysian pension fund providers have bought the office block for £181 million, at a yield of 5.5%. The building is located at 40 Portman Square and provides over 100,000 square feet of high quality office space in the capital.
The building also contains 20 flats across the top two floors in addition to the Grade A office space.
Currently the freehold belongs to The Portman Estate and is fully leased to tenants that include US venture capital company Ziff Brothers Investments and private equity firm BC Partners.
During negotiations the Malaysian pension specialists were represented by ING Real Estate Investment Management.
This isn’t the only large London purchase the Malaysian Employees Provident Fund have made this month as they also bought 1 Sheldon Square in Paddington.
They company acquired this building for around £150 million and it was their first property purchase within the UK.
1 Sheldon Square is a newly developed office building that consists of 193,000 square feet of premium office space in Paddington central. At the moment the building is almost fully leased with only 6026 square feet of space remaining.
The Malaysian Employees Provident Fund was founded in 1991 and help employees from both private and non-pensionable public sectors.