Transactions - MARCH 17, 2020

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Malaysia pension fund acquires office in London

by Alicia Block

A fund managed by Morgan Stanley Real Estate Investing and Greycoat have sold Premier Place, a 230,000-square-foot office building in the City of London, to CBRE Global Investors and Malaysia’s Employee Provident Fund for £325 million (€356 million/$390 million).

CBRE Global Investors manages the separate account on behalf of the Employees Provident Fund of Malaysia.

It is the first deal in London by the Malaysian fund in more than five years, reported Bisnow.

Morgan Stanley bought Premier Place from RBS in 2017 for £145 million (€159 million/$174 million). The 229,129-square-foot class A office building, located in the City of London, has recently undergone a comprehensive refurbishment and is fully let to two office tenants with strong covenants. There are also three retail units on the ground floor. The building spans nine stories above ground and three basement levels. The refurbishment has been done to an extremely high standard and meets occupie

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