Malaysia fund sells London office property
Malaysia’s Employees’ Provident Fund has sold a London office property to Chinese Estates for £175 million ($226 million).
11–12 St. James’s Square was put up for sale in January.
Employees’ Provident Fund paid £147.5 million ($191 million) for the 80,000-square-foot office in 2011.
Employees’ Provident Fund is also selling another asset, Tower Bridge House, E1, for £200 million ($259 million).
Savills Investment Management manages the two buildings.
The Malaysia fund, which has approximately £1 billion in London-based assets, has been actively selling properties recently.. During 2016, it sold Visa Paddington’s headquarters at 1 Sheldon Square, W2, to British Land for £210 million ($272 million) and 888 Wood Street to KWAP for £270 million ($349 million). And in December, Hong Kong investor Joint Treasure was in talks to purchase Freshfields Bruckhaus Deringer’s headquarters at 65 Fleet Street, EC4, for £155 million ($200 mi