Malaysia鈥檚 Employees Provident Fund (EPF) has sold a London office property to Chinese Estates for 拢175m (鈧�208m).
The fund has completed its sale of 11/12 St James鈥檚 Square at a net initial yield of 4.45%, according to , which advised Hong Kong-based Chinese Estates.
The 80,000 sqft building, let to Blackstone and Marble Bar Asset Maanagement, was sold by for EPF.
The sale by EPF after it offloaded its One Sheldon Square office property in London鈥檚 Paddington district to listed property company British Land for 拢210m.
Late , EPF鈥檚 deputy CEO responsible for investment, Mohamad Nasir Ab Latif, told IPE Real Estate that the fund had 鈥渟ome initial concern鈥� over the UK鈥檚 exit from the European Union as 鈥渘obody expected it to happen鈥�.
鈥淭hings will take time to pan out,鈥� he said. 鈥淚n the longer term, the UK economy could be impacted, but at this stage we do not know what those impacts might be. So we are monitoring closely.鈥�
The deal is Chinese Estates鈥� fourth in London in the past two years.
James Rood, CBRE senior director in the firm鈥檚 central London investment, said the deal is 鈥渁nother example of the strength of appetite and commitment from overseas capital, particularly from Asia, for prime London real estate鈥�.
In the same square, Green Property sold numbers 7 and 8 to an unnamed Asian investor for 拢246m at a yield of 3.69%.
The Asian investor paid around 拢3,425 per sqft for the two buildings which contain 62,200sqft and 30,000sqft of commercial space.
Nearby, 3 St James鈥檚 Square was sold for 拢135m last month, also to a Hong Kong-based investor.
