Gamuda's RM6.6 Bln London Wall Project Breaks Ground, Secures RM2.75 Bln Development Loan

By Rosemarie Khoo

KUALA LUMPUR, Jan 17 (Bernama) -- Gamuda Bhd and London-based real estate investor Castleforge marked the next stage in their £1.2 billion (RM6.6 billion) redevelopment of 75 London Wall in the City of London with a groundbreaking ceremony and the signing of one of London’s largest property development loan in recent years, valued at £500 million (RM2.75 billion).

The engineering, property, and infrastructure group said in a statement that the investment signals Gamuda’s support for the United Kingdom (UK) property market, with the group viewing London as a key strategic destination for real estate investment.

bootstrap slideshow

Head of investor relations for the UK Government Gus Wiseman said that in years to come, this investment would create a busy trading floor for the country’s world-leading financial services industry.

This would create jobs in construction and at full occupancy, housing over 5,000 workers.

“Redevelopment projects such as 75 London Wall are vital to this government's mission to achieve the fastest growth in the G7,” said Wiseman.

bootstrap slideshow

Meanwhile, Cheyne Real Estate managing partner and chief investment officer Ravi Stickney said that following its £150 million loan (£1=RM5.50) for the acquisition of 75 London Wall in 2023, the alternative investment managers were delighted to extend their support to Gamuda and Castleforge with a £500 million loan for its redevelopment.

“We remain committed to financing the creation of productive and sustainable assets to support the growth of the UK’s vibrant economy.

“We are thrilled with the significant vote of confidence that Gamuda has shown in London,” he said.

Since 2022, Gamuda has committed a total gross development value (GDV) of £1.4 billion to the UK market, encompassing prime commercial office assets, residential properties and purpose-built student accommodation (PBSA).

The 75 London Wall project is the largest investment for Gamuda in the UK thus far.

The site received full planning consent in June 2024, and construction has begun.

Upon full redevelopment expected in 2027, 75 London Wall would be a grade-A sustainable top-tier office with a net lettable area of more than 450,000 square feet and the best environmental, social and governance (ESG) standards.

“Our acquisition of this building in 2023 stemmed from the ‘flight to quality’ to top-grade office spaces in the real estate market.

“Multinational corporations are drawn to London, the epicentre of Britain’s economy and home to a huge proportion of its primary export, namely global services,” said Gamuda’s group managing director Datuk Lin Yun Ling.

He further said this has driven a surge in demand for premium offices, linking quality workplaces to higher productivity.

With a limited supply of best-in-class ESG spaces, rental growth remains strong, making 75 London Wall a standout investment, Lin said.

The ESG standards include the Building Research Establishment Environmental Assessment Methodology (BREEAM) “Outstanding”, WELL Core “Platinum”, and the National Australian Built Environment Rating System (NABERS) UK 5-Star Design.

This landmark redevelopment would transform the building into a sustainable commercial hub in one of the world’s most competitive business districts.

The ground floor would feature new commercial units alongside cultural forum space for events, performances, public speaking, and open green spaces.

Complementing this is Castleforge’s commitment to delivering best-in-class workspaces that prioritise sustainability and tenant well-being, which set new standards for the adaptive reuse of office buildings in the City of London.

-- BERNAMA