Onex Holding has acquired a 49% stake in Hinduja Group’s Old War Office development in Whitehall, SW1.
The investment for an undisclosed amount will allow the owners to complete the redevelopment to create the OWO, including a 120-bedroom Raffles hotel and 85 Raffles-branded luxury residences.
The OWO is set to reopen in 2022. The owners launched sales of the residential suites this year with Knight Frank.
The Old War Office was once the office of many British military and political leaders, including Sir Winston Churchill, David Lloyd George, Lord Kitchener, Herbert Asquith and TE Lawrence.
Hinduja Group and Obrascon Huarte Lain Desarrollos bought the building in December 2014 from the Ministry of Defence for more than £350m.
Ramez Attieh, senior adviser at Onex Holding, said: “Our investment in the OWO project is aligned with Onex’s strategy to invest in high-quality assets and forge strategic partnerships with leading organisations.”
Vivek Nanda, on behalf of Hinduja Group, added: “Both the groups share a common vision in creating the OWO as an exemplary and iconic global destination in London.”
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