The purchase represents an expansion in Gamuda’s Quick Turnaround Projects strategy in search of higher returns in real estate development.
The purchase represents an expansion in Gamuda’s Quick Turnaround Projects strategy in search of higher returns in real estate development, which had seen it invest in QTPs in Vietnam earlier.’s ground-breaking acquisition of London’s Winchester House – the current UK headquarters of Deutsche Bank AG – has analysts largely maintaining a “positive” view on the counter.
Hong Leong Investment Bank Research said in its note published yesterday that the deal was the fourth major acquisition by Gamuda since December last year, bringing the total acquisition value up to RM2.2bil. He reiterated a “buy” call on the stock with a target price of RM4.88 a share, while also maintaining forecasts, adding the incremental financing cost of the deal for the developer would be offset by near-term rental income.
He noted the Winchester QTP will carry a base-case total capital expenditure of £733mil , including acquisition, redevelopment and operating costs as well as financing.
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