<article>Malaysian pension fund <a style="color: #0000ff;" href="http://www.kwap.gov.my/En/Pages/home.aspx">Retirement Fund Incorporated</a> or Kumpulan Wang Persaraan (Diperbadankan) (KWAP) has acquired 80 percent in retail property <a style="color: #0000ff;" href="http://intu.co.uk/uxbridge">Intu Uxbridge</a> in West London for £175 million ($264.65 million), the company said.</article>

Malaysian pension fund <a style="color: #0000ff;" href="http://www.kwap.gov.my/En/Pages/home.aspx">Retirement Fund Incorporated</a> or Kumpulan Wang Persaraan (Diperbadankan) (KWAP) has acquired 80 percent in retail property <a style="color: #0000ff;" href="http://intu.co.uk/uxbridge">Intu Uxbridge</a> in West London for £175 million ($264.65 million), the company said.
The purchase price represents a 2 per cent premium to the property’s last valuation of £213.9 million as at December 31, 2013.
Malaysian funds have been seeking out property investment opportunities in the UK. Among the most recent deals was <a href="http://www.fic.net.my/" target="_blank">Felda Investment Corp</a>’s acquisition of a four-star hotel in London’s upmarket Kensington area for £60 million ($90.74 million), just last month.
The former owner, <a href="http://www.intugroup.co.uk/" target="_blank">Intu Properties plc</a> will hold the remaining stake in the shopping centre and continue to manage the 71 stores, cafes, restaurants and a cinema.
Under the deal, KWAP will enter into a joint venture partnership with Intu Properties.
Intu Properties CEO David Fischel said in a statement that “the transaction is a useful step in recycling our capital into our substantial development pipeline”.
The sale was in line with Intu Properties’ strategy of recycling capital into its £1.2 billion development pipeline. Net rental income for Intu Uxbridge in 2013 was £11.7 million.
Intu Properties has 18 shopping centres across the UK under its management.
“We are delighted to have entered into this partnership, establishing a relationship with a significant overseas investor and demonstrating the investment demand for prime UK shopping centres under the management of a specialist operator such as Intu,” Fischel added.
KWAP had $30.18 billion worth of assets under management as of September 30, 2014. The fund achieved a gross return on investment and time weighted rate of return of 7.05 per cent and 10.03 per cent in 2013.

Malaysia’s KWAP invests $265m in London mall

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Malaysia’s KWAP invests $265m in London mall

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