Malaysia-based Gamuda has partnered with Castleforge Partners to buy Deutsche Bank’s current UK headquarters for £257m (€292m).
Gamuda and Castleforge have agreed to buy Winchester House through Venta Belgarum II Limited Partnership (VB II). Gamuda said it will hold a 75% stake in the VB II development partnership alongside London-based Castleforge which holds a 25% interest.
China Investment Corporation acquired Winchester House in 2012 in a joint venture with Invesco Real Estate.
Gamuda said 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, with investment timeframes of five years or less.
The new owners plan to refurbish Winchester House once Deutsche Bank’s lease expires in April next year. Deutsche Bank is expected to move to its new headquarters at 21 Moorfields EC2.
The plans include extending the 8-storey asset into an 11-storey building and upgrading the building’s ESG credentials, with an ultimate plan to sell the asset within five years or earlier, once it is fully-leased.
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