PETALING JAYA: International law firm Simmons & Simmons LLP has signed a 20-year lease as the anchor tenant at 25 Finsbury Circus, IJM Corp Bhd
’s recently acquired commercial property located in the City of London’s central business district.
Under the lease, Simmons & Simmons – a global law firm with 129 years of history, 21 offices worldwide, over 1,300 lawyers and 1,000 business services professionals – will occupy 62% of the building across multiple floors, with an option to expand their tenancy to up to 80%.
In a statement, IJM Corp said the new space will support the firm’s plans to enhance its London presence, offering flexible office layouts, wellness-focused areas and end-of-journey facilities such as bicycle storage, showers, wellness rooms and lockers – encouraging healthier commuting options.
“The signing highlights the property’s strong appeal to top-tier tenants seeking future-ready office environments in one of London’s most connected business hubs.”
Acquired for £72.5mil (RM416.7mil) in February this year, 25 Finsbury Circus is undergoing a comprehensive £150mil sustainability-led refurbishment and reconfiguration, which will increase its total footprint by 26%.
Upon completion, the Grade II-listed building will feature approximately 378,000 sq ft of gross internal area and a net lettable area of 251,068 sq ft, with a projected gross development value of approximately £420mil.
Full planning consent for the redevelopment, comprising a restoration of its historic facade, a two-floor extension and a new rooftop terrace, was secured ahead of the acquisition, enabling works to commence immediately.
The property occupies a prime site overlooking Finsbury Circus Gardens, the largest public open space in the City of London.
Refurbishment works commenced earlier this month, with contractors already on site, and completion scheduled within 36 months.
Meanwhile, analysts believe that IJM Corp is poised to deliver strong earnings growth in the financial year ending March 31, 2026 (FY26) to FY27, underpinned by a robust pipeline of industrial contracts.
The group recently submitted two tenders for hyperscale data centres (DC) with another four DC contracts on the horizon, noted UOB Kay Hian (UOBKH) Research in a client note.
Average contract value is around RM2bil totalling RM12bil across the six DCs and outcomes for the initial tenders are expected within the next two quarters, the research house noted.
However, it said IJM is likely to miss its RM5bil domestic replenishment target for FY25, reporting only RM2.7bil as of the third quarter of FY25.
“We understand this is due to delays in key projects such as the New Pantai Expressway (NPE) extension and the Nusantara government worker housing project. For the NPE, the project is currently undergoing final approval from the government with the contract potentially being awarded within the next two months.
“Maintain ‘buy’ and target price of RM3,” UOBKH Research said. At last look, IJM was at RM2.10 apiece. UOBKH Research also noted IJM Corp’s growing presence in the United Kingdom. “While IJM’s expansion into the United Kingdom is still in early stages, we believe it will continue to focus on the new market.”