The Malaysian Employees Provident Fund (MEPF) has exchanged contracts with a four-company consortium in the purchase of the Paddington office scheme at 1 Sheldon Square.
Invista Real Estate Investment Management, Henderson Global Investors, Aviva Investors and Liquid Reality Partners have sold the newly-developed London office space to the Malaysian EPF for over £150 million. The acquisition of the office block represents the début purchase in the UK by the Malaysian fund.
Started in 1951, the MEPF is the oldest Provident Fund in the world. Globally, it is also one of the largest asset management companies and one of the most successful, with an EPF:GBP ratio of around 50 percent.
The Malaysian fund provides a pension for Malaysian workers; employees and employers make a joint contribution of 23 percent of workers’ incomes into the fund. The Paddington office block appears to be a prudent purchase by the fund as only 6,026 square feet remain to be let.
Image: Flickr (DesheBoard)