Malaysian company Gamuda Berhad, is partnering with Castleforge Partners, to acquire Deutsche Bank’s UK headquarters for £257 million ($316.4 million).

Gamuda Land

Malaysian conglomerate, Gamuda Berhad, is partnering with UK investment manager, Castleforge Partners, to acquire Deutsche Bank’s UK headquarters from China’s sovereign wealth fund for £257 million ($316.4 million).

The joint venture plans to expand Winchester House, the City of London building, from eight to eleven floors, adding nearly 60% more floor space. The acquisition aligns with Gamuda’s “Quick-Turnaround Projects” strategy, which aims to build a portfolio of value-add properties with a target internal rate of return of at least 20% within a holding period of five years or less. The companies are confident that the refurbished Winchester House will appeal to multi-national corporates seeking high-quality, sustainable office spaces. Once upgrades are complete, Gamuda expects to secure firm pre-lease commitments from global corporates in time for its five-year exit plan, yielding a commensurately high return on equity investment.

Gamuda Berhad has also expanded its property development operations overseas, with a presence in several countries, including Australia, Singapore, and Vietnam. In the UK, the company is currently developing two residential projects, namely K1 Knightsbridge and Battersea Power Station, located in prime London areas.

In Australia, Gamuda Land has several projects in various stages of development

Public Infrastructure

Sydney Metro West – Western Tunnelling Package

Coffs Harbour Bypass

M1 Raymond Terrace

Property Developments

661 Chapel St., Melbourne

The Canopy on Normanby, Melbourne

Winchester House is a prime property in the heart of London’s financial district, adjacent to the Museum of London and a short walk from St. Paul’s Cathedral. The eight-storey building offers approximately 317,000 square feet of office space, including a large atrium and a rooftop terrace. Built in 1998, Deutsche Bank previously occupied the property, and it has been listed for sale since 2021. The acquisition of Winchester House by Gamuda Berhad and Castleforge Partners is a bold move in a challenging London office market, but the companies are confident in the property’s potential for growth and value creation.

Gamuda Berhad is a Malaysian infrastructure and property development company founded in 1976. The company has become one of Malaysia’s largest and most respected construction companies, with a strong track record of completing major infrastructure projects such as highways, railways, and water treatment facilities.

In addition to its infrastructure business, Gamuda Berhad has expanded into the property development sector, focusing on creating sustainable and liveable communities. The company has developed several mixed-use developments in Malaysia, including Gamuda Gardens, an 810-acre township that integrates residential, commercial, and recreational facilities.

Gamuda Land
Winchester  House located in the heart of London’s financial district

With a strong focus on sustainability, innovation, and community development, Gamuda Berhad has won several awards and accolades for its achievements. The Global Real Estate Sustainability Benchmark (GRESB) recognised the company for its commitment to sustainable development and has received numerous awards for its innovative infrastructure projects.

Castleforge Partners is a UK-based investment management firm specialising in European commercial real estate assets. Founded in 2010, the company manages over £1.2 billion in assets across various sectors, including office, retail, and industrial properties. Castleforge has a strong track record of acquiring and repositioning underperforming properties to enhance their value, typically targeting assets with significant potential for capital growth. The firm’s approach is characterised by its focus on rigorous research, disciplined underwriting, and proactive asset management, which it believes enables it to deliver attractive returns for its investors while minimising downside risk.

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