Malaysian Money Bids For A Share Of Regional Real Estate
A subsidiary of Hap Seng, the Kuala Lumpur-based fertilisers-to-building-materials business, majority owned by a leading Mercedes-Benz dealership, has opened in Greater Manchester and plans a Birmingham office next month. It will then expand into other regional cities, PlaceNorthWest reported.
Malaysian funds were big investors in London real estate over the last 15 years. Trophy investments include the £9B Battersea Power Station redevelopment funded to the tune of £1.6B by Permodalan Nasional Berhad, Malaysia's largest asset manager, with its partner Employees Provident Fund.
However, the regional presence has been more muted. The best known Malaysian name in the regional property market is Genting, sponsor of the former National Indoor Arena in Birmingham, now the Resort World Arena and part of Genting’s leisure and entertainment destination.