Kumpulan Wang Persaraan (Diperbadankan) is spending £175m (€216m) on an 80% stake in a UK shopping centre.

The MYR106bn (€24bn) Malaysian pension fund has agreed to buy a controlling stake in the Uxbridge centre from listed property company Intu Properties. Intu will continue to asset manage the property on behalf of the joint venture.

The 440,000 sf ft centre, according to Intu, recorded net rental income in 2013 of £11.7m. The sale implies a full value of £214m for the centre, where tenants include Debenhams, Next, H&M and Top Shop.

Prima Ekuiti, KWAP’s wholly-owned UK subsidiary, set up a London office in 2012. Since then, KWAP has invested in the City of London, buying a 247,000 sq ft office Wood Street block from the Nation Pension Service of Korea for £215m, representing a net initial yield of 5.8%.

Another City office asset 70% owned by KWAP was bought from Canada Pension Plan Investment Board (CPPIB) for £200m.

KWAP, a government retirement fund for civil servants, was formed in 2007.