Malaysians secure £200m-plus Victoria offices
Posted by:
Victor Pardis on
16th April 2013
Malaysian haji pilgrims fund Lembaga
Tabung Haji has completed the acquisition of its second major asset in central
London, with the circa £205m purchase of 151 Buckingham Palace Road, SW1.
Market
sources said Lembaga has now completed on the acquisition of the Victoria asset
from Ivanhoé Cambridge. A price of £205m is understood to have been agreed
which would equate to a yield of just under 7%.
Lembaga is
understood to have fended off stiff competition from underbidder Hines, as well
as Malaysian government funds EPF and KWAP.
The purchase
of 151 Buckingham Palace Road follows the completion of Tabung Haji’s deal last
September to buy SJ Berwin’s distinctive City offices at 10 Queen Street Place,
EC4, for £165m, reflecting an initial yield of 5%.
The deal was
first revealed by CoStar News in July, when Tabung Haji entered into
talks to buy the 221,198 sq ft block from Irish investor Jaguar Capital.
LembagaTabung Haji is the Malaysian hajj pilgrims fund board, formerly known as
Lembaga Urusan dan Tabung Haji. The fund facilitates savings for the pilgrimage
to Mecca through investment in Shariah-compliant vehicles.
Ivanhoé
Cambridge instructed CBRE to sell 151 Buckingham Palace Road last October for
£220m, reflecting an initial yield of 6.4%.
If you are
looking for high quality serviced offices in Victoria, St James or
anywhere else in Central London, from leading providers, please contact Skyline Offices. Our specialist consultants are highly skilled in finding you
fantastic serviced office space from our extensive portfolio of prime locations
in Central London.