Castleforge and Gamuda have signed a £500 million funding agreement with Cheyne Capital for their £1.2 billion redevelopment of 75 London Wall in the City of London.
The parties signed the documents for the large facility, which Cheyne Capital is providing entirely, at a groundbreaking ceremony this afternoon attended by stakeholders and press.
Cheyne's managing partner and chief investment officer of real estate, Ravi Stickney, Castleforge co-founder Michael Kovacs and Gamuda founder Yun Ling Lin signed the deal.
It is understood to be the largest loan for a single office project in London, with the former Deutsche Bank offices, also known as Winchester House, set to add hundreds of thousands of square feet of super prime office space to the capital.
Castleforge and Gamuda completed the joint venture acquisition of 75 London Wall from China Investment Corporation, China’s sovereign wealth fund, for £257 million last year. Their investment is split 75% Gamuda and 25% Castleforge.
For a recent interview with Castleforge about the development, click here. As reported by CoStar News at the end of the last year, the building is already on the shortlist for a number of companies with major requirements.
Previous tenants Deutsche Bank had already decided to leave the 317,518-square-foot building for new headquarters at Landsec's 21 Moorfields, with other major tenants in the vicinity including BlackRock, Amazon and the Bank of England.
CoStar News also understands that Cushman & Wakefield and JLL have been appointed joint leasing agents at the City redevelopment.
Winchester House will grow to around 466,000 square feet once the brown-to-green development is complete. Floorplates will reach circa 45,000 square feet, and the property will house multiple terraces with urban greening.
The ground floor of the property, around the corner from Liverpool Street Station, will have commercial units, alongside a forum for events, performances and public speaking. It is scheduled to complete in the third quarter of 2027.