EPF makes huge profit in £210m UK property sale

It is the best valuation possible through open tender and the money will be used for future investments, says CEO.

KUALA LUMPUR: The sale of One Sheldon Square in London to British Land, the UK’s largest real estate company, for £210 million (£1 = RM5.39) is the highest price ever fetched for a property in the city’s history, the Employees Provident Fund (EPF) said.

EPF chief executive officer Shahril Ridza Ridzuan said the EPF made a hefty profit from the sale as the property was bought for £150 million in 2010.

“We feel that we had pulled off the best valuation possible in the history of London and we had seized the opportunity to make a big profit that will be used for future investments,” he told reporters after the launch of four initiatives to improve EPF schemes here today.

He said British Land won the bid through an open tender process for which more than 20 companies vied for.

One Sheldon Square, comprising nearly 200,000sq ft of freehold office space over nine floors, was fully let to Visa Services Europe until December 2022.

– BERNAMA