Letting update (9011J)
July 06 2011 - 10:00AM
UK Regulatory
TIDMDLN
RNS Number : 9011J
Derwent London PLC
06 July 2011
6 July 2011
Derwent London plc ("Derwent London" / "the Group")
EXPEDIA TAKES TWO OFFICE FLOORS AT THE AWARD WINNING ANGEL
BUILDING
Derwent London is pleased to announce that Expedia, the world's
largest online travel company, has agreed to lease the top two
floors of the Angel Building, 407 St. John Street, London EC1.
Expedia will take 81,260 sq ft (7,550m(2) ) of office space at a
rent of GBP3.33 million per annum on a 10-year lease with no
breaks, a rent review in year five and a rent-free period of 24
months. They will pay a rent of GBP40 per sq ft (GBP430 per m(2) )
on the 51,385 sq ft (4,770m(2) ) fourth floor and GBP42.50 per sq
ft (GBP455 per m(2) ) on the 29,875 sq ft (2,780m(2) ) fifth
floor.
In addition, Busaba Eathai, a restaurant that specialises in
modern Thai cuisine, has leased a 4,200 sq ft (390m(2) ) retail
unit at the south of the building. This follows the recent retail
letting to Jamie's Italian.
The 263,000 sq ft (24,400m(2) ) Angel Building redevelopment is
now 95% let. It was designed by architects Allford Hall Monaghan
Morris and has recently won two major awards - the RIBA London
Award 2011 and the BCO London and South East Refurbished/Recycled
Workplace Award 2011. Other office tenants include Cancer Research
UK, which occupies just under half of the building, NG Bailey and
Sage Pay. Available space in the building consists of just 12,800
sq ft (1,190m(2) ) of offices on the third floor and the last of
the three retail units totalling 1,200 sq ft (110m(2) ).
John Burns, Chief Executive Officer at Derwent London,
commented:
"These transactions continue Derwent London's strong letting
performance this year. We are extremely pleased with the letting
success of the Angel Building, which was completed in September
2010, and are delighted to welcome Expedia to the portfolio. This
high quality development has already established itself as a local
landmark and has attracted a range of leading tenants,
demonstrating the success of our product. We hope to replicate this
at our 2-14 Pentonville Road refurbishment where we are on-site and
which is located opposite the Angel Building."
-ends-
For further information please contact:
John Burns, Chief Executive Officer, Derwent London: Tel - 020
7659 3000
Elizabeth Adams, Brunswick Group: Tel - 020 7404 5959
Notes to editors
Derwent London plc
Derwent London plc is the largest central London focused REIT
with an investment portfolio of GBP2.4bn as at 31 December 2010.
The Group is one of London's most innovative office specialist
property regenerators and investors and is well known for its
established design-led philosophy and creative management approach
to development.
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, regeneration and redevelopment. The Group owns and
manages an investment portfolio of 5.4 million sq ft (500,000m(2)
), as at 31 December 2010, of which 95% 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 Angel Building EC1, Arup Phases II & III W1, Qube W1,
Horseferry House SW1,
Johnson Building EC1, Davidson Building WC2 and Tea Building
E1.
Derwent London came first in the property sector in the 2010
awards for 'Britain's Most Admired Companies'. The Angel Building
and Maple & Fitzroy both won a RIBA London award in 2011 and
the Angel Building also won the BCO Refurbished/Recycled Workplace
Award 2011.
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCDKADQNBKDQOK
Derwent London (LSE:DLN)
Historical Stock Chart
From Aug 2024 to Sep 2024
Derwent London (LSE:DLN)
Historical Stock Chart
From Sep 2023 to Sep 2024