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Malaysia's PNB looks to sell two British properties
[KUALA LUMPUR] Malaysia's largest government-linked fund management firm, Permodalan Nasional Bhd (PNB), is considering selling two properties in Britain in what would be its first divestment of foreign real estate assets.
PNB said the commercial properties at 1 Silk Street and 90 High Holborn in London had matured and it wanted to maximise returns while demand for British real estate was strong.
It bought the properties in 2012 for a reported £350 million (S$638.39 million) and £140 million, respectively.
Malaysian state-owned funds such as PNB, the Employees Provident Fund and Retirement Fund Inc forayed into Britain's property market in 2010-2013, before the Malaysian economy and ringgit weakened.
Any sales of their foreign properties could suggest a redeployment of funds to Malaysia.
PNB has another three commercial properties in Britain and one in Australia. REUTERS