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Malaysia Pension Fund Plans U.K. Sale in Asset Repatriation Move

  • London office building to be sold for 270 million pounds
  • KWAP to repatriate proceeds from sale by end of first quarter
Malaysian Ringgit Banknotes As Ringgit Drops Most Since 1998
Photographer: Kiyoshi Ota

Malaysia’s second-largest pension fund is planning a 270 million pound ($402 million) sale of an office building in central London, responding to a government call to repatriate funds to prop up the country’s ailing stock and currency markets.

Kumpulan Wang Persaraan (Diperbadankan), which has about 120 billion ringgit ($28 billion) of assets, is finalizing an agreement to sell an office building at 88 Wood Street in the City of London that it bought in 2013 for 215 million pounds, according to the fund’s Chief Executive Officer Wan Kamaruzaman Wan Ahmad. As well as getting a higher sale price, the fund will benefit from the sharp rise in sterling against the ringgit over the past two years.