Malaysian fund acquires Whitefriars office building

Union Investment accept £148m for 223,000 sq ft offices on Fleet Street

Article posted: 18 Jan 2011

Asset managers Union Investment has sold the Whitefriars office property at 65 Fleet Street to a special purpose vehicle of the Employee Provident Fund of Malaysia.

The fund has paid £148m for the nine-storey building which comprises 223,000 sq ft of premium office space in the City of London.

Commenting on the sale Dr Karl-Joseph Hermanns-Engel of Union Investment Real Estate said: “After having extended the lease with existing tenant Freshfields we took the oppoerunity to sell the property and take advantage of curren strong demand for core investment.”

Union recently sold another of their City office assets. 10 Gresham Street was acquired by joint venture Hammerson and Canadian Pension Plan for £175m.

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Posted by Jules