Malaysian pension fund Employees Provident Fund (EPF) has signed the acquisition of two major shopping centres in the UK in a deal valued at £270 mln (€345 mln), PropertyEU has learned.
Malaysian pension fund Employees Provident Fund (EPF) has signed the acquisition of two major shopping centres in the UK in a deal valued at £270 mln (€345 mln), PropertyEU has learned.
EPF, which is making the purchase through a mandate with CBRE Global Investors, is buying the Fulham Broadway and Hammersmith Broadway shopping centres in west London that total around 260,000 sq ft (24,000 m2) from private investors of William Ewart Properties.
The off-market deal, which reflects a yield of around 5%, is expected to be announced next week.
The 195,700 sq ft Fulham Broadway shopping centre houses Fulham Broadway tube station and attracts 12 million visitors a year. Hammersmith Broadway comprises 67,850 sq ft of retail space and includes a bus station.
EPF has already built up a £1 bn-plus office portfolio in London and last year launched a new joint venture with international logistics group Goodman to invest up to €500 mln in the German logistics property market.
The Asian investor is also believed to have teamed up with Invesco to buy a German office portfolio from AEW Europe for €315 mln.
