November 12, 2010 / 4:01 AM / 9 years ago

Malaysia pension funds make first purchase in London

 HONG KONG, Nov 12 (Reuters) - Malaysia's two main government pension funds have made their first purchase in Britain, acquiring an office building as part of plans to invest up to 1 billion pounds ($1.6 billion) in the British property market.
 Employees Provident Fund and Kumpulan Wang Persaraan acquired the office building in London for 156.7 million pounds, translating into a yield of 5.75 percent and a capital value of 802 pounds per sq ft, Jones Lang LaSalle Inc (JLL.N) said on Friday.
 The two funds purchased the building from a consortium includes Aviva Plc (AV.L), Invista SA ECME.WA, Henderson Global Investors [HGILD.UL] and Liquid Realty Partners, said property services firm Jones Lang LaSalle, which advised on the deal.
 Asian investors have been flocking to London to purchase property, taking advantage of their strong currencies and a relatively weak sterling GBP=.  (1 pound = $1.6)  (Reporting by Lee Chyen Yee; Editing by Chris Lewis)  (See www.reutersrealestate.com for Reuters' global service for real estate professionals)     

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