TIDMDLN
RNS Number : 5849N
Derwent London PLC
10 August 2017
10 August 2017
Derwent London plc ("Derwent London" / "the Group")
Fotografiska - The London Museum of Photography zooms in on The
White Chapel Building
Derwent London is pleased to announce that it has pre-let the
lower ground floors and a new office pavilion at The White Chapel
Building, 10 Whitechapel High Street E1, to Fotografiska.
Fotografiska runs the world renowned photography museum in
Stockholm and will use the space for Fotografiska - The London
Museum of Photography. This is their first gallery outside
Stockholm and will add another important cultural and leisure hub
to the fast improving Whitechapel area.
The initial rent is GBP2.4m per annum or GBP27 per sq ft.
Fotografiska will occupy the whole of Phase 2 comprising 89,000 sq
ft on a 15-year lease with five-year rent reviews based on annual
RPI increases with a cap and floor, and with a break in year 12.
The rent free period is equivalent to 30 months on a 12-year lease,
rising to 36 months on a 15-year term. Completion of Phase 2 is
expected in H2 2018.
The Group acquired the vacant White Chapel Building in December
2015. In the following nine months, Derwent London refurbished the
185,000 sq ft of above ground office space in Phase 1 creating a
new public entrance and an atrium, which is served by a new café
and bar. Phase 1 was fully let earlier this year and now hosts a
broad mix of occupiers including Government Digital Service,
Wilmington, Perkins+Will, Unruly, Reddie & Grosse, Shipowners'
Club, ComeOn! and Lebara. As a result we have regenerated a tired
office building into a thriving Tech Belt hub, which will be
enhanced with the new lower ground floor use.
John Burns, Chief Executive Officer of Derwent London, said:
"We are very excited to welcome Fotografiska - The London Museum
of Photography to The White Chapel Building. We believe their
arrival will be a major benefit to the area and Fotografiska's
character endorses the Group's focus on good design. This pre-let
means that we will have successfully let the entire property."
Tommy Rönngren, Founding partner and Chairman of the Board of
Fotografiska London, said:
"Derwent is a developer with great creative vision and we chose
to work with them because of the combination of the building itself
and the creative heritage of Derwent. Fotografiska has for a long
time been searching for suitable facilities in London, one of the
world's most dynamic cities when it comes to photography.
Whitechapel, which is one of London's most dynamic areas, will be a
perfect location. It will be really exciting to bring the concept
of Fotografiska to London."
- ends -
Enquiries:
Derwent London John Burns, Chief Executive
Tel +44 (0)20 7659 Officer
3000 Emily Prideaux, Head of
Leasing
Quentin Freeman, Head of
Investor Relations
Brunswick Group LLP Tim Danaher
Tel: +44 (0)20 7404 Emily Trapnell
5959
Fotografiska Tommy Rönngren, Founding
Tel +46 705472200 Partner and Chairman London
tr@fotografiska.co.uk
Notes to editors
Fotografiska
www.fotografiska.co.uk
Fotografiska is no ordinary museum
Fotografiska is an international meeting place where everything
revolves around photography. Located in the heart of Stockholm, the
museum has an exhibition space of 2,500 square meters, and features
four major exhibitions per year and approximately 15-20 minor
exhibitions. Our exhibitions are among the city's most popular
attractions. In addition to visiting our exhibitions you can listen
to concerts, eat, drink, take a photography course or even arrange
an event or a conference in a creative environment.
Exhibitions are the foundation of Fotografiska. Our ambition is
to exhibit world-renowned photographers, many who have never been
shown in Sweden, as well as those who are not yet established.
Since our grand opening on 20 May 2010, we have shown legends like
Annie Leibovitz and David LaChapelle as well as new photographers
like Nick Brandt, Helena Blomqvist, Klara Kallstrom and Johan
Wik.
We believe photography is an art form with a bright future that
grows increasingly important for us humans. In addition to being a
place where humans meet, we find inspiration, peace and strength
from it.
One of Stockholm's most popular attractions
Some are mysterious. Some are glamorous. Some are controversial.
You won't leave them without a slightly different perspective than
you had coming in, that's the thread that ties them all together.
Fotografiska is one of Stockholm's most popular attractions and
annually attracts over 500,000 visitors.
Fotografiska isn't just about photography
Photographs and exhibitions are the largest part of what we
offer, but we also have photography courses, lectures and workshops
for both beginners and professional photographers.
At Fotografiska we have a cafe, restaurant, a well-stocked store
and gallery of photographs for sale. Our facilities may be rented
out for conferences and events. We also have concerts and artist
talks on a regular basis. We have something for friends,
businesses, associations, colleges, elementary schools,
professionals and amateurs. Yes, we have something for everyone,
the possibilities are endless.
A home for photography
It all began in 1940 when the court photographer Sundgren
presented a proposal for a photographic museum in Sweden. The
Magazine FOTO spoke with museum directors and photographers who
showed interest and enthusiasm. Although the idea of a permanent
home for photography was discussed back and forth, nothing happened
until 70 years later when the doors to Fotografiska finally opened
in Stadsgårdskajen in Stockholm.
The initiators and founders of Fotografiska are brothers Jan and
Per Broman who both have a long history working in the photography
industry. To assist them they have a dedicated group of co-workers
with expertise within various fields.
Our Facility
Fotografiska is housed in a former industrial Art Nouveau style
building dating back to 1906. Designed by Ferdinand Boberg, the
building was used for the customs control of goods and is listed as
a building of cultural interest. The original brick facade of the
beautiful customs building is intact, while the interior has been
renovated to house the museum. The city of Stockholm has funded the
250 million crown restoration costs. Today, the entire 5,500 square
meter space is filled with photographs and exhibitions from around
the world.
Derwent London plc
Derwent London plc owns a portfolio of commercial real estate
predominantly in central London valued at GBP4.8 billion (including
joint ventures) as at 30 June 2017, 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 5.6 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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