The firm, which also confirmed it was close to finalising its £50m purchase of a 50% stake in contractor JRL Group, said the refurbishment work would commence immediately, with completion expected within 36 months.

IJM bought the historic building lease with planning permission for the overhaul that Ardmore Construction Group is understood to be on board to deliver.

Recognised as one of the most significant interventions into a Grade II listed building ever approved by the City of London, the planned building upgrade introduces a sustainability-focused refurbishment and a two-floor extension.

This will increase the building’s total footprint by 26%, from 300,000 sq ft to 378,000 sq ft of gross internal area.

Led by architect Carmody Groarke, the redevelopment targets industry-leading ESG certifications including BREEAM ‘Outstanding’, WELL ‘Platinum’, EPC ‘A’, NABERS 4 Star, and WiredScore ‘Platinum’, alongside achieving net-zero carbon in operation.

Dato’ Lee Chun Fai, IJM’s Group CEO, said: “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.”

He added: “Alongside our JRL investment and growing UK portfolio—including Royal Mint Gardens, our Innova-Network Rail partnership, and The Wheat Quarter—this investment bolsters our footprint in the UK’s dynamic real estate market while supporting our long-term growth ambitions.”

Historic building green upgrade plan

---

A new underfloor air distribution system will improve energy efficiency, while heat pumps, energy-efficient lifts, and LED lighting will halve operational emissions compared to pre-refurbishment levels.

Reworked building with 2-floor roof extension

The redevelopment also integrates 955 sq m of modular green walls and 675 sqm of Sustainable Urban Drainage System (SuDS) blue roof space, enhancing biodiversity, stormwater management and climate resilience.

Rainwater harvesting for toilet flushing and sourcing electricity through a green tariff further reinforces the project’s sustainability commitments.

Additionally, off-site modular construction will minimise waste and support future deconstruction under a circular economy framework.

Existing structural columns are being strengthened rather than replaced, and a lightweight structural solution for the extension eliminates the need for foundation reinforcement, lowering environmental impact.