Malaysia's state pension scheme, the Employees Provident fund (EPF) has acquired a portfolio of industrial sites in the UK for a total of £200 mln (€247 mln).
The logistics portfolio comprises 18 buildings stretching from Heathrow to the West Midlands, covering a total area of 185,000 m2.
The vendor was Midlands-based developer IM Properties. Assets include Birmingham's Wholesale Markets, The Hub in Witton and buildings on IM Properties' Birch Coppice Business Park near Tamworth.
IM Properties managing director Tim Wooldridge said the deal reflected the rapid growth of online retail, which has increased demand for warehouse space.
'The ever-growing internet shopping sector has made retailers and their distributors look for space nearer to the region's major population centres,' Wooldridge said.
'We have always been opportunistic in our approach to deal-making and thought it the ideal time to test the market for our industrial portfolio.'
IM Capital said it would use capital from the sale to buy new sites and fund existing development projects including a major expansion of Blythe Valley Park in Solihull which includes a new hotel and around 750 homes.
CBRE acted on behalf of IM Properties.
