Derwent London PLC Letting of top two floors at 1 Stephen Street (1530I)
March 23 2015 - 5:00AM
UK Regulatory
TIDMDLN
RNS Number : 1530I
Derwent London PLC
23 March 2015
23 March 2015
Derwent London plc ("Derwent London" / "the Group")
ANACAP TAKES TOP TWO FLOORS AT 1 STEPHEN STREET
Derwent London plc has let 16,150 sq ft on the ninth and tenth
floors at 1 Stephen Street, London W1 to AnaCap Financial Partners
("AnaCap"), a private equity firm specialising in the European
financial services sector. They will be taking a 10-year lease with
no breaks at an initial rent in excess of GBP80 per sq ft,
equivalent to GBP1.3m pa. There is a minimum uplift on review at
year five and there is a rent free period in line with current
market practice.
Derwent London acquired 1-2 Stephen Street in mid-2010 and has
now completed and let the first two phases of its office
refurbishment programme totalling 103,450 sq ft at a rent of
GBP6.6m pa. In addition to AnaCap, newly refurbished space has been
let to BrandOpus, Freud Communications, The Office Group and
existing major occupier FremantleMedia, all of which was let within
six months of practical completion. A further 10,900 sq ft of
offices on the eighth floor have just been taken back for
refurbishment. On completion we will have refurbished 53% of the
building's office space.
We are due to complete the refurbishment of Tottenham Court Walk
next quarter. This is the redevelopment of the Tottenham Court Road
frontage of the property to provide 38,000 sq ft of retail and
restaurants.
At the time of our annual results statement published on 26
February 2015 we reported that we had let GBP5.9m pa of space year
to date, and that we had GBP2.1m of rent under offer. Adjusting for
the AnaCap lease we will have let GBP7.2m in the year to date.
John Burns, Chief Executive Officer of Derwent London,
commented:
"We are delighted to welcome AnaCap to 1-2 Stephen Street. They
join a vibrant group of office occupiers that have helped
reposition our investment. The property's location will be further
enhanced when Tottenham Court Walk completes in the next few
months. This letting demonstrates the continuing strength of our
markets."
For further information, please contact:
Derwent London John Burns, Chief Executive Officer
Tel: +44 (0)20 7659 3000 Paul Williams, Director
Quentin Freeman, Head of Investor
Relations
Brunswick Group Simon Sporborg
Tel: +44 (0)20 7404 5959 Nina Coad
Notes to editors
Derwent London plc
Derwent London plc owns a portfolio of commercial real estate
predominantly in central London valued at GBP4.2 billion as at 31
December 2014, making it the largest London-focused real estate
investment trust (REIT).
Our experienced team has a long track record of creating value
throughout the property cycle by regenerating our buildings via
development or refurbishment, effective asset management and
capital recycling.
We typically acquire central London properties off-market with
low capital values and modest rents in improving locations, most of
which are either in the West End or the Tech Belt. We capitalise on
the unique qualities of each of our properties - taking a fresh
approach to the regeneration of every building with a focus on
anticipating tenant requirements and an emphasis on design.
Reflecting and supporting our long-term success, the business
has a strong balance sheet with modest leverage, a robust income
stream and flexible financing.
Landmark schemes in our portfolio of 5.7 million sq ft as at 31
December 2014 include Angel Building EC1, The Buckley Building EC1,
White Collar Factory EC1, 1-2 Stephen Street W1, Horseferry House
SW1 and Tea Building E1.
In December 2014 Derwent London topped the real estate sector
for the fifth year in a row and was placed ninth overall in the
Management Today awards for 'Britain's Most Admired Companies'.
Also in 2014 the Group won the Property Week 'Developer of the
Year' and the RICS London Commercial Award, and was shortlisted for
awards by Architects' Journal, BCO, NLA and OAS. The Group was also
awarded EPRA Gold for corporate and sustainability reporting.
For further information see www.derwentlondon.com or follow us
on Twitter at @derwentlondon
Forward-looking statements
This document contains certain forward-looking statements about
the future outlook of Derwent London. By their nature, any
statements about future outlook involve risk and uncertainty
because they relate to events and depend on circumstances that may
or may not occur in the future. Actual results, performance or
outcomes may differ materially from any results, performance or
outcomes expressed or implied by such forward-looking
statements.
No representation or warranty is given in relation to any
forward-looking statements made by Derwent London, including as to
their completeness or accuracy. Derwent London does not undertake
to update any forward-looking statements whether as a result of new
information, future events or otherwise. Nothing in this
announcement should be construed as a profit forecast.
This information is provided by RNS
The company news service from the London Stock Exchange
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