LONDON: Gamuda Bhd
has signed a major property development loan facility, proclaimed as one of the biggest in recent years in the capital city here amounting to £500mil.
The loan is for the group’s 75 London Wall project which is the largest investment for Gamuda in the UK to date.
The development, formerly known as Winchester House is located in the financial district of the capital city called the City of London.
Prior to this, the site was Deutsche Bank’s former London headquarters.
Once completed in 2027 it will be a sustainable grade-A office space with 465,822 square feet of office spaces.
It will also have the best environmental, social and governance (ESG) standards - BREEAM 'Outstanding', WELL Core 'Platinum', and NABERS UK 5 Star Design.
The ground breaking ceremony for the £1.2bil redevelopment on Wednesday was attended by key officials in the United Kingdom’s government including the head of investor relations for the UK Government Gus Wiseman and deputy London mayor Howard Dawber.
Over 80 attendees were present at the site, including financiers, property agents, and a range of property development and built environment specialists.
Speaking to the Malaysian media present, Gamuda’s group managing director Datuk Lin Yun Ling said London remains an attractive investment destination for many multinational companies (MNCs).
London hosts numerous MNCs and the capital city is home to a huge proportion of the country’s primary export matter – global services.
“These are still early days, we acquired the asset for £250mil in June 2023 and within 12 months in June 2024 we got a planning approval from the City of London, which I believe is a record amount of time,” Lin said.
“The ceremony will also see us and our partner which is a London-based real estate investor Castleforge sign a loan agreement. We own 75% in this joint venture development and we will lead this project,” he added.
This landmark redevelopment will transform the building into a sustainable commercial hub in one of the world's most competitive business districts.
The ground floor will feature new commercial units, alongside a cultural forum space for events, performances, and public speaking, alongside open, green spaces.
