Asian Fund Sells UK Asset

Malaysia EPF, Malaysian Employees Provident Fund, has disposed of a major UK asset by selling One Sheldon Square in London which is prominently located at the entrance to Paddington Central.

British Land paid £210m for the development. The sale is a profitable exit for the Malaysian fund, which bought the building in 2010 during the height of the credit crisis for £157m. The transaction also bucks the trend with an Asian investor selling prime real estate to a domestic buyer.

One Sheldon Square is fully let to Visa Europe Services until 2022 and will yield in the region of 4.5%. Capital values and rents are however expected to rise in the area with the opening of the much-delayed Crossrail train line in 2018.

Malaysia EPF has put together a real estate portfolio worth around £2bn. The fund has also bought assets in Australia, Japan, Germany and France.

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