KUALA LUMPUR (March 12): Conglomerate IJM Corp Bhd (KL:IJM) said on Wednesday it has secured a 143-year leasehold interest in 25 Finsbury Circus — formerly known as 1-5 London Wall Buildings — for £72.5 million (RM407.9 million) from private equity firm TPG Angelo Gordon.
The property, located less than two minutes from Liverpool Street Station, is set for a £150 million sustainability-focused refurbishment, increasing its gross internal area by 26% to 378,000 sq ft, IJM said in a statement.
The conglomerate is also in advanced negotiations with a high-quality tenant to lease over 60% of the building’s space.
“This investment aligns with IJM’s strategy to diversify its investment property portfolio geographically and establish a larger footprint in key global real estate markets,” the statement read.
Construction will begin immediately and is expected to be completed within 36 months.
Finsbury Circus is a collection of Edwardian-era office buildings completed in 1902, featuring Baroque Revival architecture.
The redevelopment will offer 48,771 sq ft of flexible Class E space, including a two-floor extension, modern office amenities, and energy-efficient systems, while maintaining the site’s architectural charm. It will cater to corporate offices, retail tenants, and lifestyle businesses.
IJM group chief executive officer and managing director Datuk Lee Chun Fai said the investment reflects the group’s confidence in London’s evolving financial district.
“This investment presents a rare opportunity to revitalise a historic landmark while delivering a modern, high-performance workspace tailored to the needs of global businesses. With advanced negotiations underway for a long-term tenant, this acquisition aligns with IJM’s strategy to build a high-quality, income-generating portfolio that delivers stable and recurring income,” Lee said.
IJM’s acquisition strengthens its UK real estate presence, adding to properties like the 15-storey Royal Mint Gardens Phase II aparthotel near Tower Bridge, and a proposed £50 million acquisition of a 50% stake in JRL Group Holdings Ltd.
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Source: EdgeProp.my
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