Malaysiaβs Employees Provident Fund (EPF) has sold a London office property to Chinese Estates for Β£175m (β¬208m).
The fund has completed its sale of 11/12 St Jamesβs 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 Londonβs Paddington district to listed property company British Land for Β£210m.
Late , EPFβs deputy CEO responsible for investment, Mohamad Nasir Ab Latif, told ΒιΆΉΣ³» Real Estate that the fund had βsome initial concernβ over the UKβs exit from the European Union as βnobody expected it to happenβ.
βThings will take time to pan out,β he said. βIn 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.β
The deal is Chinese Estatesβ fourth in London in the past two years.
James Rood, CBRE senior director in the firmβs central London investment, said the deal is βanother example of the strength of appetite and commitment from overseas capital, particularly from Asia, for prime London real estateβ.
In the same square, Green Property sold numbers 7 and 8 to an unnamed Asian investor for Β£246m at a yield of 3.69%.
The Asian investor paid around Β£3,425 per sqft for the two buildings which contain 62,200sqft and 30,000sqft of commercial space.
Nearby, 3 St Jamesβs Square was sold for Β£135m last month, also to a Hong Kong-based investor.
