Cheyne Capital Management has backed Gamuda and Castleforge Partners with a £150m (€171m) loan to help buy Deutsche Bank’s current UK headquarters.
Last week, Malaysia-based Gamuda partnered with Castleforge to buy Winchester House for £257m.
Cheyne Capital said it has provided a senior loan to the joint venture between Castleforge and Gamuda Berhad to help to fund the acquisition of the 317,000sqft office building.
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 eight-storey asset into an 11-storey building and upgrading the building’s ESG credentials, with an intention to sell the asset within five years or earlier, once it is fully leased.
Andreas Dimitriou from Cheyne Capital Real Estate, said: “This is a rare opportunity to redevelop an office of this size in the heart of the City of London.
“This remains one of the most attractive office locations in the world thanks to strong tenant demand, excellent transport links and limited development pipeline.”
Michael Kovacs, founding partner of Castleforge said: “This is a very exciting development not just for us but for potential future tenants looking to collaborate in the best office space available, right in the heart of London. Doing so makes for better business and helps firms meet their ESG targets.”
Mohammed Rashdan bin Mohd Yusof, deputy group managing director of Gamuda Berhad, said: “Winchester House is a highly sought-after commercial asset in the City, especially with its eventual top-tier ESG rating of BREEAM Outstanding, which is exactly what all large global corporations, being highly ESG-conscious themselves, are looking for.”
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