A Malaysian government vehicle is poised to acquire three office assets in London from German open-ended fund manager Kanam for about £750 mln (EUR 895 mln).

Permodalan Nasional Berhad, a EUR 47 bn unit trust manager that invests on behalf of Malaysia's indigenous Bumiputera people, is understood to have put the assets under offer. Barring any unforeseen circumstances, the transaction could be completed in a few weeks, reliable sources told PropertyEU.

Last year Kanam, which is retreating to Continental Europe, put a four-asset London office HQ portfolio, valued at £1 bn, on the market in order to raise money to repay investors who want to pull out of Kanam's open-ended fund business.

The assets under offer are believed to be the headquarters of the European Bank for Reconstruction & Development in Broadgate, Thompson Reuter's HQ in Canary Wharf, and a law firm's head office located at 90 High Holborn. The fourth asset, Deutsche Bank's base at Winchester House is not believed to be part of the deal as there is less than 10 years left on the lease.

PNB is, according to well-informed sources, still working to close its first acquisition. It recently agreed to acquire 1 Silk Street from US investor Beacon Capital for £350 mln. Global law firm Linklaters is the main tenant of the property.

The Kanam transaction would enable PNB to establish a £1 bn office portfolio in London. Employees Provident Fund (EPF), another Malaysian sovereign wealth vehicle, has already built up a £1 bn-plus office portfolio in London.