TIDMDLN
RNS Number : 8243G
Derwent London PLC
01 June 2017
1 June 2017
Derwent London plc ("Derwent London" / "the Group")
Box.com's European cloud base is at the top of White Collar
Factory
Derwent London is pleased to announce that it has let the top
two floors of the tower at White Collar Factory EC1 to Box.com, the
cloud content management company. The initial rent is GBP2.1m per
annum or GBP75 per sq ft which is above December 2016 ERV. Box.com
will occupy 28,500 sq ft on a fifteen-year lease with five-year
rent reviews and a break in year ten. The rent free period is
equivalent to eighteen months on a ten-year lease, rising to twenty
three months on a fifteen-year term.
Following this letting the tower is 92% let with c.7,000 sq ft
of offices remaining on part of the 12(th) floor. The whole
development is now 83% let.
The scheme has only recently been completed and the first
tenants are already in occupation and creating an energetic new
community in this new landmark at the heart of the capital's Tech
Belt. The White Collar Factory tower comprises 237,000 sq ft and is
the principal building within the office-led campus. It
incorporates innovative and sustainable design with 3.5m high
ceilings, concrete core cooling, openable windows and the ability
to accommodate flexible occupation. There is a further 39,000 sq ft
of offices, three restaurants and nine apartments surrounding new
public space.
John Burns, Chief Executive Officer of Derwent London, said:
"The addition of Box.com to an already strong line-up of
occupiers is a great endorsement of both Derwent London's product
and the Tech Belt area. Our decision to develop an innovative
office campus which ensures occupier flexibility and incorporates
industry-leading sustainability features has been fully justified
by the excellent response the building has received."
- ends -
Enquiries:
Derwent London John Burns, Chief Executive
Tel +44 (0)20 7659 Officer
3000 Paul Williams, Director
Philippa Davies, Senior
Leasing Surveyor
Quentin Freeman, Head of
Investor Relations
Brunswick Group LLP Tim Danaher
Tel: +44 (0)20 7404 Emily Trapnell
5959
Notes to editors
Box.com
Box is an enterprise cloud content management platform that
empowers enterprises to revolutionize how they work by securely
connecting their people, information and applications. Managing
content in the cloud fosters collaboration, improves security and
lowers costs, so the entire organization can work as one.
Founded in 2005, Box powers more than 41 million users and
74,000 businesses globally - including over 60% of the Fortune 500.
These businesses and individual users trust Box to securely manage
their content, including sensitive and regulated content, in the
cloud.
Derwent London plc
Derwent London plc owns a portfolio of commercial real estate
predominantly in central London valued at GBP5.0 billion (including
joint ventures) as at 31 December 2016, 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 6.0 million sq ft portfolio 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 2017 the Group won the Property Week Developer of the Year
award and was listed 12th out of 4,000 in the Corporate Knights
Global 100 of the world's most sustainable companies. In 2016 the
Group won Estates Gazette National Company of the Year and London
awards as well as awards from Architects' Journal, British Council
for Offices, Civic Trust and RIBA and achieved EPRA Gold for
corporate and sustainability reporting.
As part of its wider sustainability programme, in 2013 Derwent
London launched a dedicated GBP250,000 voluntary Community Fund
and, in 2016, made a further commitment of GBP300,000 for the next
three years for Fitzrovia and the Tech Belt.
The Company is a public limited company, which is listed on the
London Stock Exchange and incorporated and domiciled in the UK. The
address of its registered office is 25 Savile Row, London, W1S
2ER.
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
END
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