Malaysian pension fund Kumpulan Wang Persaraan is set to buy 5 Aldermanbury Square, EC2, for £225m.
KWAP, advised by Deutsche Bank’s property arm RREEF, is in talks with the Teachers Insurance and Annuity Association of America and the Scottish Widows Investment Partnership over a deal that would reflect a 5.25% yield.
The 270,000 sq ft 5 Aldermanbury Square is well let to tenants including Fortis and BNP Paribas.
This is KWAP’s second major City investment move in recent weeks. It continues to negotiate a £200m deal for 10 Gresham Street, EC2, with joint-venture owners the Canadian Pension Plan Investment Board and Hammerson.
GM Real Estate and Jones Lang LaSalle advised TIAA and SWIP.
jack.sidders@estatesgazette.com
