Malaysia’s KWAP invests $265m in London mall

Malaysian pension fund Retirement Fund Incorporated or Kumpulan Wang Persaraan (Diperbadankan) (KWAP) has acquired 80 percent in retail property Intu Uxbridge 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 Felda Investment Corp’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, Intu Properties plc 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.

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.