Singapore foundation buys London office property

The Shaw Foundation, the philanthropic arm of Run Run Shaw, has paid £270 million ($376 million) for the office building located at 88 Wood St. in the City of London.

The seller was Malaysia’s second-largest pension fund, Kumpulan Wang Persaraan, which acquired the 18-story office tower for £215 million ($tk million) in 2013.

According to by CBRE, Asian outbound investment into global real estate assets during 2015 reached record-setting levels. London, as the top destination of Asian investors, has contributed to a lower portion of outbound investment as total outbound investment has increased, decreasing from 17 percent in 2014 to 13 percent in 2015. Other major gateway cities such as New York, Sydney, Shanghai and Hong Kong all received a higher proportion