Click here
 

Property Guru Malaysia

Continously, Kuala Lumpur
PropertyGuru.com.my is the premier Malaysia Property website - the best place to start your real estate search whether you are an investor, buying for own use, or looking for a place to rent.
 

PNB seeking loan to cover London acquisitions

May 11, 2012
  • Print



Malaysia's largest fund management company, Permodalan Nasional Bhd (PNB), is under negotiations with banks for a £628 million (RM3.106 billion) five-year loan, which will be used to pay for two six-month bridge loans that funded PNB's acquisition of three landmark properties in London.

According to a report by Basis Point, a Thomson Reuters publication, PNB has been in talks with seven banks to arrange the facilities. The banks include UOB, Sumitomo Mitsui Banking Corp, Scotiabank, Standard Chartered Bank, OCBC Bank, Mizuho Corporate Bank and Bank of Tokyo-Mitsubishi UFJ.

The first bridge loan involved a StanChart-led facility, which backed the £350 million (RM1.7 billion) acquisition of Milton & Shire House on Silk Street, the present headquarters of law firm Linklaters.

PNB initially intended to borrow £250 million (RM1.236 billion) to satisfy the first bridge loan earlier this year. However, since it purchased two additional London properties, it opted for a larger-sized debt.

For the year to date, PNB has acquired three London office properties, in which two were bought from German fund KanAm for about £570 million (RM 2.819 billion).