Derwent London PLC Sale of The Buckley Building EC1 (3051I)
August 08 2019 - 2:02AM
UK Regulatory
TIDMDLN
RNS Number : 3051I
Derwent London PLC
08 August 2019
Derwent London plc ("Derwent London" / "the Group")
DERWENT LONDON ANNOUNCES SALE OF THE BUCKLEY BUILDING EC1
Derwent London is pleased to announce it has exchanged contracts
to sell the freehold of The Buckley Building, 49 Clerkenwell Green
EC1 to clients of CBRE Global Investors for GBP103.0m before costs.
The 85,100 sq ft office building is multi-let producing a
'topped-up' income of GBP4.87m representing a net yield to the
purchaser of 4.43%. The disposal price net of costs and potential
top-ups is GBP99.6m, 4.8% above December 2018 book value.
The building was acquired in 2007 and completely refurbished in
2013. The refurbishment with architects Buckley Gray Yeoman
increased the lettable area by c.10,000 sq ft utilising redundant
atrium space, added new external terraces and repositioned the
entrance to face Clerkenwell Green. The sales price was achieved
following recent active management initiatives increasing income
through rent reviews and a lease extension.
Paul Williams, Chief Executive at Derwent London, said:
"The disposal of The Buckley Building is a further example of
our strategy of selling mature assets. This disposal takes our
total sales so far this year to over GBP180m, proceeds of which
will be recycled into our substantial on-site development
programme."
- ends -
For further information, please contact:
Derwent London Paul Williams, Chief Executive
Tel: +44 (0)20 7659 3000 David Silverman, Director
Giles Sheehan, Head of Investment
Quentin Freeman, Head of Investor
Relations
Brunswick Group Nina Coad
Tel: +44 (0)20 7404 5959 Emily Trapnell
Notes to editors
Derwent London plc
Derwent London plc owns 84 buildings in a commercial real estate
portfolio predominantly in central London valued at GBP5.4 billion
(including joint ventures) as at 30 June 2019, 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 5.7 million sq ft portfolio include
Brunel Building W2, White Collar Factory EC1, Angel Building EC1,
1-2 Stephen Street W1, Horseferry House SW1 and Tea Building
E1.
In 2019 to date, the Group has won the CoStar West End Deal of
the Year for Brunel Building. In 2018, the Group won EG Offices
Company of the Year, whilst White Collar Factory scooped RIBA
National and London awards, RICS National and London awards, two
BCO awards for Commercial Workplace and Innovation, an EG Creative
Places award and an NLA Wellbeing award. 25 Savile Row also won
RIBA National and London awards and SKA Gold for the fit-out. In
2013 the Company launched a voluntary Community Fund and has to
date supported 89 community projects in 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 news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
DISUBOVRKAAWRAR
(END) Dow Jones Newswires
August 08, 2019 02:02 ET (06:02 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