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Malaysia's Amcorp and Singapore's Temasek sign £308m London property deal

[KUALA LUMPUR] Malaysian real estate firm Amcorp Properties Bhd has entered into a subscription and shareholders' agreement with Singapore's Temasek Holdings (Private) Ltd and two other parties for the purchase of two London properties for £308 million (S$626 million).

Amcorp Properties said in a stock exchange filing that the parties would undertake a mixed-use redevelopment on the sites, located on London's Bankside, adjacent to the River Thames.

The estimated total gross development value of the proposed redevelopment is expected to exceed one billion pounds, according to the filing.

Asian buyers have been stepping up investment in the UK as the global economy has weakened and commodities prices have softened, attracted by the relative affordability of the British pound, and London's safe-haven qualities.