INDUSTRY NEWS

Malaysian fund set to pay £205m for London offices in Victoria

Lembaga Tabung Haji is set to buy a second major asset in the central London area: Moving to buy prime London offices in Victoria for £205m.

The Malaysian haji pilgrims fund has agreed to purchase 151 Buckingham Palace Road from Ivanhoe Cambridge – beating off competition from other Malaysian government funds, the EPF and KWAP and also Hines.

Ivanhoe Cambridge had instructed CBRE to sell the central London office building back in October last year for around £220m, but a number of organisations including Lembaga Tabung Haji have looked to go under offer in order to purchase it.

Lembaga Tabung Haji previously invested £165m in SJ Berwin’s,  221, 198 sf ft of City offices at 10 Queen Street Place from Irish investor Jaguar Capital last September.

Earlier this month, Lembaga Tabung Haji group managing director and chief executive Datuk Ismee Ismail suggested that the organisation would continue to look into real estate investments in Malaysia and also abroad.

Asian investors factored heavily in a drive of London office sales which saw commercial properties sales last year sky-rocket to figures on a par with those before financial crisis.

Investors from Malaysia, China and Korea have all looked to the London market for business of late; with one of the most noticeable deals the £400m investment from Malaysian firms into the redevelopment of the Battersea Power Station.

News bought to you from DeVono Cresa, the award-winning commercial property advisers, specialising in Central London office, retail and leisure space.

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