A joint venture between Malaysian construction firm Gamuda Bhd and UK-based real estate private equity investor Castleforge has acquired Winchester House London, the current UK headquarters of Deutsche Bank AG in the UK, for £257 million.
The joint venture intends to refurbish and upgrade the property into a best-in-class, top-rated environmentally sustainable ESG office space that caters to global or multinational financial institutions, legal firms, and mega-tech corporations.
Winchester House London’s current lease to Deutsche Bank AG as the bank’s London headquarters is due to expire in April 2024.
”The project development value is projected to be in excess of £1bn, and will represent one of the most significant deals in the City of London’s history, reflecting the strength and resilience of the City’s investment market,” said Castleforge.
”Our vision for the development is to transform the 320,000 sq ft space into best-in-class ESG office space, offering Grade A amenities and superior sustainability credentials fit for blue-chip occupiers in the heart of the capital.”
”The acquisition is underpinned by Castleforge’s research-driven approach, which forecasts increasing demand for Grade A, high-quality, sustainable office space to attract employees and hit ESG commitments.”
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