Malaysia’s Employees Provident Fund has appointed agents to sell two London trophy offices for a combined £380m.
Savills has been instructed to find a buyer for Tower Bridge House, E1, seeking offers in excess of £200m, reflecting a 4.5% net initial yield, and 11-12 St James’s Square, SW1, for £180m, a yield of 4.25%.
The two buildings are managed by Savills Investment Management.
The instruction follows two substantial sales of London offices by the giant Asian fund last year.
EPF sold Visa Paddington’s headquarters at 1 Sheldon Square, W2, to British Land for £210m in April.
In December, Freshfields Bruckhaus Deringer’s headquarters at 65 Fleet Street, EC4, was placed under offer by Hong Kong investor Joint Treasure for circa £155m – a 5.75% yield.
The sales see EPF look to cash in on the £1bn London investment push it committed to in 2010 as it seeks to diversify into alternative real estate assets across Europe.
Its remaining London portfolio includes 40 Portman Square, W1, and a stake in the Battersea Power Station redevelopment, SW8.
• To send feedback, e-mail louisa.clarence-smith@estatesgazette.com or tweet @LouisaClarence or @estatesgazette
• To send feedback, e-mail david.hatcher@estatesgazette.com or tweet @hatcherdavid or @estatesgazette
