INDUSTRY NEWS

PNB completes £500m acquisition of capital offices

Malaysian fund management firm, Permodalan Nasional Berhad (PNB), has completed the acquisition of two major London offices in a deal thought to worth around £500 million, according to an article published by the Telegraph.

PNB has purchased One Exchange Square – the home of the European Bank for Reconstruction and Development – and 90 High Holborn – the home of international law firm, Olswang.

Both buildings were sold to PNB by German fund management company, KanAm, which is in the process of liquidating its Grundinvest fund.

KanAm also own Thomson Reuters’ Canary Wharf office space, as well as the UK headquarters of Deutsche Bank; although, according to the Telegraph, these assets are not thought to be available for purchase.

The largest Malaysian state-owned asset management firm, PNB already own London office space at One Silk Street – currently occupied by global law firm, Linklaters – purchased in December 2011 in a deal estimated to be worth £350 million.

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