Quintain is in advanced talks to find a development partner for its London Designer Outlet in Wembley, with the Malaysian Employees Provident Fund understood to be one of the key bidders.

The EPF is understood to be up against other bidders including Resolution Property and Rockspring.

British Land, Land Securities and Hammerson are understood to have looked at the scheme but did not bid.

Most of the bidders are understood to be in talks on a 50% stake, meaning they will initially pay for half of Quintain’s development costs to date, thought to represent a payment of around £50m, and then a year after completion they will be required to pay half of the scheme’s valuation. But the Malaysians are understood to be keen to take a much higher stake.

If the EPF does buy into the designer outlet it will be its debut retail deal in the UK.

Construction started on the scheme in October and practical completion is timed for August 2013, with stores expected to open before Christmas of that year. The scheme is already more than 40% pre-let to retailers including Gap, Guess, Nike, Armani, Marks & Spencer and Jamie’s Italian.

Last week Quintain announced it had brought in Hong Kong billionaire Henry Cheng Kar-Shun’s investment vehicle, Knight Dragon, as joint venture partner to develop Greenwich Peninsula.

Lunson Mitchenall and CBRE are advising Quintain on the sale. All parties declined to comment.