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Trowers & Hamlins advised Malaysian investment management company Permodalan Nasional Berhad (PNB) and its wholly owned Jersey subsidiaries on a £210,000,000 murabaha term financing of its redevelopment of One Exchange Square, in the City of London (the Property). 

The Property will be refurbished into a state-of-the-art, green-certified and sustainability focused, office space comprising 430,000 square feet, with retail space of 17,000 square feet. Development of the Property is slated for completion in Q1 2026 and is targeted to achieve high environmental performance ratings and environmental credentials. 

Nick Edmondes, who led the team from Trowers & Hamlins’ Kuala Lumpur office, commented:

"Congratulations to PNB on achieving this milestone. We are honoured to have had the opportunity to advise PNB on this project and to have closed this landmark financing. Our presence in Malaysia has enabled us to provide valuable on ground support to PNB. The conclusion of this transaction is a testament to our longstanding relationship with PNB and their subsidiaries."

Trowers' cross-jurisdiction lawyers advising PNB comprised the banking and finance team led by Partners Nicholas Edmondes and Nicol Ong, assisted by Jian Jie Phang (Associate); the construction team led by Partner James Huckstep, assisted by Nicola Conway (Senior Associate) and Natasha Kaulsay (Associate); the real estate team led by Partners Ben Neary and Nick Levy and assisted by Senior Associates Tom Craig and Anthony Clarke; and the planning team led by Partner Jacqueline Backhaus assisted by Jasmine Ratta (Senior Associate).