Derwent London PLC Letting Update (9517O)
October 18 2012 - 3:30AM
UK Regulatory
TIDMDLN
RNS Number : 9517O
Derwent London PLC
18 October 2012
18 October 2012
Derwent London secures major letting to Ticketmaster at 10-4
Pentonville Road, London N1
Derwent London plc ("Derwent London" / "the Group") is pleased
to announce that it has let 47,700 sq ft (4,430m(2) ) of office
space at 10-4 Pentonville Road, London N1 to Ticketmaster UK.
Ticketmaster will occupy the whole of 4 Pentonville Road and the
upper five floors of 10 Pentonville Road under a 12-year lease with
no breaks. The tenant will pay GBP1.9 million per annum at this
seven floor building, based on GBP45 per sq ft (GBP484 per m(2) )
on the top floor and GBP42.50 per sq ft (GBP457 per m(2) ) on a
typical mid-level floor, with a rent free period of 30 months.
There are upward-only rent reviews after five and ten years, with a
minimum uplift to GBP2.0 million after five years.
10-4 Pentonville Road is situated in Islington opposite Derwent
London's award winning Angel Building. The regeneration of the
building has recently been completed, unifying the façade of two
former 1980s buildings to create 55,000 sq ft (5,110m(2) ) of
offices, which represents more than 20% uplift in floor area.
John Burns, Chief Executive Officer of Derwent London, said:
"We are pleased to welcome Ticketmaster to our newly regenerated
offices at 10-4 Pentonville Road, another leading business taking
space in this rapidly improving, vibrant location."
-ends-
For further information please contact:
Derwent London 020 7659 3000
John Burns, Chief Executive Officer
Louise Rich, Head of Investor Relations
Brunswick Group
Elizabeth Adams 020 7404 5959
Sheena Shah
Notes to editors
Derwent London
Derwent London plc is the largest central London focused REIT
with an investment portfolio of GBP2.7bn as at 30 June 2012. The
Group is one of London's most innovative office specialist property
regenerators and investors and is well known for its 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 5.3 million sq ft (490,000m(2)
), as at 30 June 2012, of which 96% 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, 8 Fitzroy Street W1, Qube W1, Horseferry House SW1,
Johnson Building EC1, Davidson Building WC2 and Tea Building
E1.
Derwent London came fifth overall in the 2011 Management Today
awards for 'Britain's Most Admired Companies' and has also recently
won the Estates Gazette Property Company of the Year - Offices
award. In 2011, Angel Building was shortlisted for the RIBA
Stirling Prize following its RIBA London 2011 award and has also
won numerous accolades from organisations such as the British
Council for Offices, the British Construction Industry, the
American Institute of Architects and New London Architecture.
In 2012 the Tea Building won a RIBA regional award and an AJ
Retrofit award for the 'Green Tea' refurbishment to improve the
environmental performance of the building. Derwent London was also
the European listed sector leader for offices in the 2012 GRESB
survey.
For further information see www.derwentlondon.com or follow us
on Twitter at @derwentlondon.
This information is provided by RNS
The company news service from the London Stock Exchange
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