Gamuda Acquires Winchester House London Current DB Bank UK HQ For RM1.39 Billion

Gamuda Berhad has announced the acquisition of Winchester House London from Wessex Winchester, the current UK headquarters of Deutsche Bank AG in the United Kingdom, in partnership with Castleforge Partners Limited for RM1.39 billion.

The Proposed Acquisition is part of Gamuda Land’s Quick-Turnaround-Projects strategy, which aims to build a regional portfolio of real estate projects with a high internal rate of return (IRRs), with investment timeframes of 5 years or less. QTP is sector-agnostic and seeks to capitalise on strong demand, proprietary and off-market deals with value-add potential.

Gamuda said Winchester House London will be refurbished and upgraded into a best-in-class, top-rated environmentally sustainable ESG office space catering to global or multinational financial institutions, legal firms, and mega-tech corporations. It intends to dispose of this investment, by the 5th year or prior, after locking in strong pre-lease arrangements by quality tenant

Winchester House London’s current lease to Deutsche Bank AG as the bank’s London headquarters is due to expire in April 2024. Gamuda and Castleforge’s business plan entails:-the refurbishment of Winchester House from 8-storeys (317,000 sq ft) to 11 storeys, resulting in an additional ~200,000 sq ft of space to total approximately 500,000 sq ft.

Castleforge is a leading private real estate investor based in the UK that specialises in research-led investment themes, vertical integration, and in-house operating platforms in commercial property. Founded in 2010, Castleforge via its funds that it manages, has invested in, acquired and developed approximately £1 billion (RM5.4 billion) of assets and successfully delivered 2.4 million sq ft of office space in selected UK and European cities.

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