EPF said to have borrowed £300m

(Bloomberg) - Malaysia’s state-owned Employee Provident Fund borrowed £300 million in a five-year loan, proceeds of which will be used to buy properties in London, according to a person familiar with the matter.

The fund initially targeted £240 million and increased the amount after receiving a strong response from banks, the person said, asking not to be identified as details are private. Banks consider Employee Provident Fund to be a quasi-sovereign borrower, the person said.

The loan, which is Employee Provident Fund’s first offshore facility, was arranged by Citigroup Inc., the person said.