DLN Derwent London Plc

RNS Number:8873N
Derwent London PLC
13 February 2008

                                                                  PRESS RELEASE

PRESS RELEASE
13 February 2008


                Derwent London plc ("Derwent London"/ "Company")


 DERWENT london SECURES PLANNING FOR MAJOR 255,000 SQ FT REFURBISHMENT OF ANGEL
                                  CENTRE, EC1


Derwent London, one of London's most dynamic and innovative property investors
and developers, has secured planning permission from Islington Borough Council
for the 255,000 sq ft net (23,690 sq m) office refurbishment of the Angel
Centre, London, EC1. The property is the first building from the London Merchant
Securities' ("LMS") portfolio to be refurbished by Derwent London after its
merger in February 2007.

Situated on the corner of Pentonville Road and St. John Street and immediately
south of Angel Tube station, the building is just a short walk from Kings Cross
and the newly opened St Pancras Eurostar terminal. This major refurbishment will
bring stylish office accommodation to this rapidly expanding and vibrant part of
London.

The new scheme will add c. 93,000 sq ft net (8,640 sq m) to the original
building, which was developed by LMS in 1984, by infilling the large external
courtyard with a spectacular atrium and expanding the skin of the building with
a new steel and glass facade. A newly landscaped public space will be created on
St. John Street with restaurants and retail space, bringing additional vitality
at street level.

Allford Hall Monaghan Morris ("AHMM"), the architects who transformed Derwent
London's Johnson Building in Hatton Garden, has been appointed on the scheme.
Similar green energy features used there will also feature at Angel, with
displacement air conditioning and smart lighting. AHMM have created a design
which will drive significant natural light into the building through three metre
windows and galleried floors which look out onto the central atrium. The six
storey building has floorplates of c. 50,000 sq ft (4,650 sq m) which will offer
flexibility for either single or multiple tenants.

Enabling works on the building are expected to begin in spring 2008 with
completion planned for early 2010. Whilst Derwent London has possession of the
building, it will continue to generate an income of �4.2 million per annum until
March 2010.

Simon Silver, Head of Development at Derwent London, commented:


"We are very excited to have gained this planning consent on the anniversary of
completing our merger with London Merchant Securities and are encouraged by the
speed at which this project is progressing.


"Derwent London has built an extremely strong track record in terms of creating
well designed schemes in London's villages that excite occupiers. In 2007, we
successfully let both the refurbished Johnson Building in Hatton Garden and the
soon to be completed Horseferry House in Victoria which is to become Burberry's
new headquarters. The Angel Centre fits into the model of these two assets and
we are confident that we can deliver an exceptional building which will be
attractively priced for future occupiers."

                                     -ends-





For further information please contact:

Dido Laurimore/Nicole Marino,                          Tel: 020 7831 3113
Financial Dynamics (for Derwent London)

Simon Silver, Head of Development, Derwent London      Tel: 020 7659 3000



Notes to editors

Derwent London plc

Derwent London plc was formed on 1 February 2007 following the merger of Derwent
Valley Holdings and London Merchant Securities and converted to REIT status on 1
July 2007.  The group is one of London's most innovative office specialist
property developers and investors and is well known for its established
design-led philosophy and creative management approach to development. Derwent
London won the RIBA Client of the Year Award 2007.



Derwent London's core strategy is to acquire and own a portfolio of Central
London property that has reversionary rents and significant opportunities to
enhance and extract value through refurbishment and redevelopment.  The group
owns and manages an investment portfolio of over �2.8 billion, of which �2.5
billion or 93% is located in Central London, with a specific focus on the West
End and the areas bordering the City of London.  Landmark schemes by Derwent
London include: Qube W1, Johnson Building EC1, Davidson Building WC2 and
Broadwick House W1.



Approximately 50% of the London portfolio is identified as having the
opportunity, through development, to achieve significant gains in floor area
and, thereby, increases in value.  The existing pipeline of development and
refurbishment projects is extensive, totalling 3.3 million sq ft (306,500 sq m).




                      This information is provided by RNS
            The company news service from the London Stock Exchange
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