TIDMDLN
RNS Number : 5804F
Derwent London PLC
19 July 2021
19 July 2021
Derwent London plc ("Derwent London" / "the Group")
DISPOSAL OF ANGEL SQUARE EC1 TO TISHMAN SPEYER
Derwent London announces that it has exchanged contracts to sell
its 126,200 sq ft freehold interest in Angel Square, Islington to
Tishman Speyer. The disposal price is GBP86.5m before costs.
Angel Square consists of three multi-let connected buildings
around a central courtyard and was acquired in November 2014.
Following a light touch refurbishment, the bulk of the property was
let to Expedia (67,500 sq ft) and The Office Group (40,700 sq
ft).
At December 2020 the total rent passing was GBP5.0m per annum,
however leases have since expired and the property will become
vacant following the sale. The disposal price, net of costs,
represents a substantial premium to December 2020 book value.
Paul Williams, Chief Executive of Derwent London, said:
"This disposal reflects the strength of investment demand for
central London office properties. Proceeds will be reinvested into
our high quality development programme. This will soon be expanded
to include 19-35 Baker Street W1 and the now consented Network
Building W1, which together total over 400,000 sq ft. The former is
due to commence in the next few months and the latter in 2022."
Bernard Penaud, Head of Europe for Tishman Speyer, said:
"We're delighted to have acquired Angel Square, to open a new
phase of investment for us in the London market. With the current
leases reaching expiry, we will use the opportunity to undertake a
significant refurbishment consistent with our strategy of creating
state-of-the-art, premium-quality office environments in prime
locations in Europe's major cities."
For further information, please contact:
Derwent London Paul Williams, Chief Executive
Tel: +44 (0)20 7659 3000 David Silverman, Executive Director
Quentin Freeman, Head of Investor
Relations
Brunswick Group (for Derwent London) Nina Coad
Tel: +44 (0)20 7404 5959 Emily Trapnell
Gelso Consulting (for Tishman Richard Holloway
Speyer)
rh@gelsoconsuting.com
Notes to editors
Derwent London plc
Derwent London plc owns 83 buildings in a commercial real estate
portfolio predominantly in central London valued at GBP5.4 billion
as at 31 December 2020, 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.
As part of our commitment to lead the industry in mitigating
climate change, Derwent London has committed to becoming a net zero
carbon business by 2030, publishing its pathway to achieving this
goal in July 2020. In 2019 the Group became the first UK REIT to
sign a Revolving Credit Facility with a 'green' tranche. At the
same time, we also launched our Green Finance Framework and signed
the Better Buildings Partnership's climate change commitment. The
Group is a member of the 'RE100' which recognises Derwent London as
an influential company, committed to 100% renewable power by
purchasing renewable energy, a key step in becoming a net zero
carbon business. Derwent London is one of only a few property
companies worldwide to have science-based carbon targets validated
by the Science Based Targets initiative (SBTi).
Landmark schemes in our 5.6 million sq ft portfolio include 80
Charlotte Street W1, Brunel Building W2, White Collar Factory EC1,
Angel Building EC1, 1-2 Stephen Street W1, Horseferry House SW1 and
Tea Building E1.
In January 2021, Derwent London came top of the Property Sector
and 10th position overall in Management Today's Britain's Most
Admired Companies awards 2020. In the year the Group has won
several awards for Brunel Building with the most prominent being
the BCO Best Commercial Workplace award. In 2019 the Group won EG
Offices Company of the Year, the CoStar West End Deal of the Year
for Brunel Building and Westminster Business Council's Best
Achievement in Sustainability award. In 2013 the Company launched a
voluntary Community Fund and has to date supported well over 100
community projects in the West End 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
Tishman Speyer ( www.tishmanspeyer.com )
Tishman Speyer is a leading owner, developer, operator and
investment manager of first-class real estate in 29 key markets
across the United States, Europe, Asia and Latin America. We
develop, build and manage premier office, residential and retail
spaces for industry-leading tenants, as well as state-of-the-art
life science centers through our Breakthrough Properties venture.
With global vision, on-the-ground expertise and a personalized
approach, we are unparalleled in our ability to foster innovation,
quickly adapt to global and local trends and proactively anticipate
our customers' evolving needs. By focusing on health and wellness,
enlightened placemaking and customer-focused initiatives such as
our tenant amenities platform, ZO., and our flexible space and
co-working brand, Studio, we tend not just to our physical
buildings, but to the people who inhabit them on a daily basis.
Since our inception in 1978, Tishman Speyer has acquired,
developed, and operated 463 properties, totaling 213 million square
feet, with a combined value of approximately $115 billion (U.S.).
Our current portfolio includes such iconic assets as Rockefeller
Center in New York City, The Springs in Shanghai, TaunusTurm in
Frankfurt and the Mission Rock neighborhood currently being
realized in San Francisco.
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.
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END
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