Malaysia’s Kumpulan Wang Simpanan Pekerja, or Employees Provident Fund (EPF), has made its first disposal in the UK.

The fund said it has agreed to sell its One Sheldon Square office property in London to listed property company British Land for £210m (€291m).

EPF bought the 200,000sqft property in 2010. EPF’s real estate assets in London include 11-12 St James Square and the Battersea Power Station.

The asset, which is fully let to Visa Europe Services until December 2022, was marketed via an open tender won by British Land.

British Land said annual rents on the property, which has a rent review due in December 2017, total £9.5m, reflecting an average £48.70 per sqft.

The deal takes its Paddington Central portfolio to 800,000sqft, with a further 146,000sqft under construction at 4 Kingdom Street and 210,000sqft of consented future development at 5 Kingdom Street.

Tim Roberts, head of offices at British Land, said One Sheldon Square is a ”strategic piece of the campus which helps us to achieve our vision”.

EPF owns significant real estate investments in Germany, France and Japan and is diversifying its investments across markets, sectors and asset classes. EPF has also invested in the Australian logistics sector with Goodman. 

The fund’s assets under management were close to MYR600bn (€152m) at the end of March 2014. EPF allocated 27% of its total investment in Malaysian government securities, 28% in bonds, 39% equities, 4% in money markets, and 2% in properties and infrastructure.