IJM Secures 143-year Leasehold Of London's Finsbury Circus For RM407.9 Mln

KUALA LUMPUR, March 12 (Bernama) -- IJM Corporation Bhd has secured a 143-year leasehold interest in the historic 1-5 London Wall Buildings, now rebranded as 25 Finsbury Circus, in London’s central business district and a prime commercial property in its financial core. 

Acquired for £72.5 million (RM407.9 million), the investment aligns with IJM’s strategy to diversify its investment property portfolio geographically and establish a larger footprint in key global real estate markets, said the conglomerate in a statement.

The transaction follows an exchange of contracts with affiliates of private equity firm TPG Angelo Gordon and marks IJM’s latest expansion in the United Kingdom (UK) real estate market.

“The acquisition and redevelopment of Finsbury Circus strengthens IJM’s presence in the UK, reflecting our confidence in its long-term property sector as London’s financial district continues to evolve as a global hub for finance, commerce, and technology. 

“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,” said IJM’s group chief executive officer and managing director Datuk Lee Chun Fai.

With full planning consent already obtained, the property is set for a major £150 million (RM853.5 million) refurbishment and reconfiguration that would enhance its commercial appeal while preserving its architectural heritage. 

“The fully tendered construction contract ensures that work would commence immediately, with completion expected within 36 months,” it said. 

The redevelopment would increase the building’s total footprint by 26 per cent, from 300,453 sq ft to 378,060 sq ft of gross internal area (GIA), with 251,000 sq ft of net lettable area (NLA) across two basement levels, ground, and eight upper floors.

-- BERNAMA