TIDMDLN
RNS Number : 2927Q
Derwent London PLC
11 September 2017
11 September 2017
Derwent London plc ("Derwent London" / "the Group")
Derwent London secures further major pre-lets at 80 Charlotte
Street
Derwent London is pleased to announce that it has pre-let most
of the remaining office space at 80 Charlotte Street W1 to The
Boston Consulting Group ("BCG"). BCG will take the top 5(th) to
8(th) floors comprising 123,500 sq ft on a fifteen-year lease with
five-year rent reviews and an option to break after twelve years
subject to a penalty. The initial rent is GBP10.6m per annum,
slightly above ERV.
In addition, Arup Group ("Arup") has now committed to take a
further 19,800 sq ft on the 4(th) floor on the same terms as its
other office space, a twenty-year lease at an initial rent of
GBP1.5m per annum subject to annual increases of 2.25% for the
first fifteen years. Arup has also relinquished its option to take
the remaining space on that floor. Including the space Arup
previously committed to occupy, we have now pre-let a minimum of
276,900 sq ft or 86% of the total office space in the project for a
rent of GBP21.8m per annum.
BCG also has the right to take up to a further 43,000 sq ft
comprising 20,100 sq ft on the 4(th) floor, which was previously
under option to Arup, and 22,900 sq ft on the ground and lower
ground floors. The rent free periods on the let space are in line
with the earlier Arup letting. Should BCG take up all their
additional space this significant Fitzrovia building would be 99%
pre-let.
The 80 Charlotte Street development campus totals 380,000 sq ft
in three buildings designed by Make Architects and construction is
due for completion at the end of 2019. 80 Charlotte Street is the
largest building at 323,000 sq ft. The two other buildings total
12,000 sq ft of offices and 45,000 sq ft of residential space.
Following today's announcement a minimum 83% of the total
commercial element is pre-let with BCG having the right to occupy
another 13%.
John Burns, Chief Executive Officer of Derwent London, said:
"We are delighted to welcome The Boston Consulting Group to our
portfolio. The fact that two of the world's leading professional
consulting groups have committed to 80 Charlotte Street as their
London headquarters so early in the construction process is proof
of the quality of our product and its location. It also means that
Derwent London has achieved over GBP35m of new lettings this year
surpassing last year's record by over 13% and our commercial space
for delivery in 2019 is now a minimum of 48% pre-let."
Andy Veitch, Partner and Managing Director of The Boston
Consulting Group said:
"We are deeply excited to agree space for our future home at 80
Charlotte Street. Derwent and their design team have masterminded a
truly spectacular scheme in this quiet and rapidly improving corner
of Fitzrovia, close to the buzz of central London. This will be the
perfect setting for our people to connect, develop and drive impact
through our work. Derwent has led the market in providing us with
flexibility and unique opportunities for our growth and our
occupation strategy. We now look forward to creating our new home
at 80 Charlotte Street, building on our workplace strategy, with
the same innovative spirit as in New York, Los Angeles, Milan and
our other offices."
- ends -
Enquiries:
Derwent London John Burns, Chief Executive
Tel +44 (0)20 7659 Officer
3000 Paul Williams, Director
Emily Prideaux, Head of
Leasing
Quentin Freeman, Head of
Investor Relations
Brunswick Group LLP Tim Danaher
(for Derwent London) Emily Trapnell
Tel: +44 (0)20 7404
5959
The Boston Consulting Andy Veitch, Partner & Managing
Group Director
Tel: +44 (0)20 7753 Rebecca Cummins, Senior
8383 PR Coordinator
Notes to editors
Derwent London
Derwent London plc owns 89 buildings in a commercial real estate
portfolio 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, was listed 12th out of 4,000 in the Corporate Knights Global
100 of the world's most sustainable companies and achieved EPRA
Gold for corporate and sustainability reporting. 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.
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
The Boston Consulting Group
The Boston Consulting Group (BCG) is a global management
consulting firm and the world's leading advisor on business
strategy. We partner with clients from the private, public, and
not-for-profit sectors in all regions to identify their
highest-value opportunities, address their most critical
challenges, and transform their enterprises. Our customized
approach combines deep insight into the dynamics of companies and
markets with close collaboration at all levels of the client
organization. This ensures that our clients achieve sustainable
competitive advantage, build more capable organizations, and secure
lasting results. Founded in 1963, BCG is a private company with
more than 90 offices in 50 countries.
For more information, please visit bcg.com.
Arup
Arup is the creative force at the heart of many of the world's
most prominent projects in the built environment and across
industry. From 92 offices in 40 countries our 12,000 planners,
designers, engineers and consultants deliver innovative projects
across the world with creativity and passion. www.arup.com
Arup press office contact: media@arup.com
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
MSCSSSFWAFWSESU
(END) Dow Jones Newswires
September 11, 2017 02:00 ET (06:00 GMT)
Derwent London (LSE:DLN)
Historical Stock Chart
From Sep 2024 to Oct 2024
Derwent London (LSE:DLN)
Historical Stock Chart
From Oct 2023 to Oct 2024