Malaysia's PNB seeks $1 bln loan for London property buys-Basis Point

KUALA LUMPUR (Reuters): Malaysian investment fund Permodalan Nasional Bhd (PNB) is seeking a 628 million pound (us$1.01 billion) five-year term loan to take out two six-month bridge loans for its shopping spree on three landmark London properties, a Thomson Reuters publication, Basis Point, reported on Thursday.

Basis point quoted sources as saying said PNB has been in talks with around seven banks, including Bank of Tokyo-Mitsubishi UFJ, Mizuho Corporate Bank , OCBC Bank, Scotiabank, Standard Chartered Bank, Sumitomo Mitsui Banking Corp and UOB to arrange the facilities.

The first bridge entailed a StanChart-led facility, which will back the 350 million pound purchase of Milton & Shire House on Silk Street, the current headquarters of law firm Linklaters, Basis Point added.

The Malaysian government-linked fund planned to borrow a 250 million pound loan to take out the bridge earlier this year, but it decided to get the larger-sized new loan after it went on to buy two more London properties, according to Basis Point.

PNB has bought three London office properties since the start of the year, two of which were acquired from German fund KanAm for about 570 million pounds.

By The Star