The Shard gets a new tenant in Malaysian sovereign wealth fund as occupancy nears 90%

The sovereign wealth fund which rescued crisis-hit Malaysia Airlines has hit on the Shard as it plants its flag in western Europe for the first time, the Evening Standard has learned.

Malaysia’s Khazanah Nasional Berhad choice to rent space in the Shard (at 310m the tallest building in western Europe), is a further display of its love of skyscrapers — its main base in Kuala Lumpur is the Petronas Towers, until 2004 the tallest building in the world.

The arrival of the Malaysians, who had 145.5 billion ringgits (£23 billion) of assets under management last year, will come as a shot in the arm to the property world as the fund looks to diversify its holdings away from Malaysia, China, India, and the US.

Khazanah spent 1.38 billion ringgit last year buying up the remaining 30% stake in the national airline after two passenger jets crashed last year.

A fellow tenant will be the Medical Protection Society, a not-for-profit membership organisation offering professional protection and advice to doctors, dentists and healthcare professionals, which is moving from the West End to cut its rent.

Sources said the two deals means 10 tenants have now signed up to the London Bridge tower this year, leaving offices almost 90% full.

Developer Irvine Sellar, who owns the Shard with the Qataris and calls it his “calling card”, recently said it will be full by the end of the year.

REM, the property manager which oversees the Shard, nearby News Building and Oxford Street’s Park House, declined to comment.