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Malaysian construction firm Gamuda Bhd has bought Deutsche Bank AG’s soon-to-be-vacated London office for $315 million in one of the City’s biggest property deals this year.
Gamuda partnered with UK private equity firm Castleforge for the purchase of Winchester House, the company said in a statement. The buyers plan to refurbish the premises into a sustainable office for global financial institutions, legal firms and tech corporations, they said.
Deutsche Bank’s current lease is set to expire in April 2024, with the German lender due to move to a new headquarters above Moorgate in the City of London this year.
Britain’s commercial real estate market has been in flux lately as rising interest rates reduce the spread between prime property yields and government bonds. But new buildings with top environmental credentials and long index-linked leases have outperformed other property types as investors seek a sanctuary from runaway inflation.