Cheyne Capital Management it has provided a senior loan to a joint venture between Castleforge and Gamuda Berhad. The loan will be used to fund the acquisition of Winchester House, a 317,000ft² office building in the City of London. Castleforge and Gamuda plan to proceed with an extensive refurbishment programme designed to add critical massing and improve the overall sustainability of the building, targeting highest ESG credentials once completed, including BREEAM Outstanding rating, Net Zero Carbon, WELL Core Platinum and NABERS UK Five Star.
Andreas Dimitriou from Cheyne Capital Real Estate commented: “This is a rare opportunity to redevelop an office of this size in the heart of the City of London. This remains one of the most attractive office locations in the world thanks to strong tenant demand, excellent transport links and limited development pipeline. Only one in seven refurbishments in London achieve a BREEAM Outstanding rating while the majority of current London office stock won’t meet the expected minimum energy efficiency requirements by the end of the decade. This makes this project even more unique and set to attract institutional tenants who want to reside in an office they know is in line with best-in-class corporate ESG policies. We are excited to be part of the next stage of this building’s history and to ensure its long-term sustainability.”
Michael Kovacs, Founding Partner of Castleforge said: “Winchester House is a landmark acquisition for Castleforge and the City. Supported by Cheyne Capital and working with Gamuda, we are confident that we will see this space transformed to trailblaze a new class of amenity rich and sustainable offices in the area. This is a very exciting development not just for us but for potential future tenants looking to collaborate in the best office space available, right in the heart of London. Doing so makes for better business and helps firms meet their ESG targets. We look forward to progressing to the next stage of planning for this prime location.”
Mohammed Rashdan bin Mohd Yusof, Deputy Group Managing Director of Gamuda Berhad said: “Winchester House is a highly sought-after commercial asset in the City, especially with its eventual top-tier ESG rating of BREEAM Outstanding, which is exactly what all large global corporations, being highly ESG conscious themselves, are looking for. The iconic office project is situated in the heart of the City of London, the Square Mile which is the global financial centre and mega-tech hub. It also is less than a 5-mins walk from the game-changer Crossrail infrastructure now named the Elizabeth Line. These factors make it an ideal choice for multinational/global corporations seeking the best in modern, high-specification refurbished offices with the pinnacle category of ESG credentials with the BREEAM outstanding rating, as they seriously consider making this office development their European or global headquarters.
“The iconic office project is situated in the heart of the City of London, the Square Mile which is the global financial centre and mega-tech hub. It also is less than a 5-mins walk from the game-changer Crossrail infrastructure now named the Elizabeth Line. These factors make it an ideal choice for multinational/global corporations seeking the best in modern, high-specification refurbished offices with the pinnacle category of ESG credentials with the BREEAM outstanding rating, as they seriously consider making this office development their European or global headquarters.”
