TIDMDLN
RNS Number : 8264G
Derwent London PLC
29 July 2021
Derwent London plc
("Derwent London" / "the Group")
FORA LETS 6-8 GREENCOAT PLACE FOR OPENING IN VICTORIA NEXT
YEAR
Derwent London and Fora are pleased to announce the letting of
the entire 6-8 Greencoat Place SW1. Fora, the premium flexible
workspace provider, is taking a 15-year lease with no breaks on the
six-floor Derwent London scheme in Victoria, totalling 32,400 sq ft
of imaginatively remodelled warehouse-style office space. The
average rent is c.GBP69 per sq ft and the overall rental incentive
is equivalent to a 34-month rent-free period. Due to open in 2022,
the new Fora workspace sits within a larger cluster of Derwent
London buildings with excellent transport links to facilitate the
growing demand for commuter-friendly workspaces in London.
Bringing Fora's portfolio to 18 sites across London, Oxford,
Cambridge and Reading, 6-8 Greencoat Place is the first lease the
workspace provider has taken with Derwent London. The letting is
Fora's response to the increased need for workers to access their
workspaces easily and adds an important London sub-market to Fora's
comprehensive network of buildings. Just a short walk from Victoria
mainline and underground, and St. James' Park underground and
neighbouring Westminster, the site is one of the best-connected
spots in the capital for both Londoners and non-Londoners commuting
to and around the city.
The property sits within a Derwent London cluster of late
Victorian buildings totalling 287,000 sq ft, which includes
Greencoat & Gordon House and Francis House. These buildings
date back to the late 19(th) century and were once warehousing
storerooms and food halls of the Army and Navy store. Since 1998
Derwent London with architects Squire & Partners have been
regenerating the buildings to create a vibrant business quarter.
Fora's premium flexible workspace will further enhance the appeal
of the area.
Both Fora and Derwent London are committed to designing,
delivering and operating buildings responsibly and have ensured
that sustainable measures have been put in place to achieve this.
Both Derwent London and Fora have announced programmes to be net
zero carbon businesses by 2030 and, as such, the property has been
retrofitted with all electric heating replacing gas boilers,
double-glazed windows, enhanced sub-metering and improved bike
spaces and shower facilities which will allow occupiers to cycle to
work. The building's EPC rating is expected to improve from 'E' to
'B'.
Paul Williams, Chief Executive of Derwent London, said:
"We are pleased to welcome Fora, one of the UK's leading
flexible workspace providers, to both 6-8 Greencoat Place and to
our portfolio. We have created modern adaptable space while
significantly enhancing the building's sustainability and
longevity. This combination enabled Fora to make a long-term
commitment, and they, in turn, will provide an important amenity
for our surrounding occupiers."
Enrico Sanna, co-founder and CEO of Fora said:
"With ways of working continually changing and priorities
shifting in terms of travelling into city centres, it is crucial
that we are providing flexible workspaces in conveniently located
and accessible transport hubs. Lockdown has made many re-evaluate
where they want to work, and although there is no doubt that there
is still a requirement for the office space, a more efficient
commute will be a significant factor for all, which Fora will offer
through 6-8 Greencoat Place."
Alongside the news of the new Victoria space, Fora continues to
develop its new Fitzrovia site, Wells Mews, which is due to open
later this year. Fora is also expanding into Oxford and Cambridge,
and currently operates 13 UK sites with plans for new locations in
the UK and internationally over the coming years.
For further information, please contact:
Derwent London Paul Williams, Chief Executive
Tel: +44 (0)20 7659 3000 Emily Prideaux, Executive Director
Quentin Freeman, Head of Investor
Relations
Brunswick Group (for Derwent London) Nina Coad
Tel: +44 (0)20 7404 5959 Emily Trapnell
Fora Enrico Sanna, Co-Founder and
CEO
Katrina Larkin, Co-Founder and
Chief Creative Officer
Lisa Marchese, Chief Commercial
Officer
W Communications (for Fora)
Email: fora@wcommunications.co.uk Shauna Moran
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
About Fora
Fora is taking forward thinkers on an exciting journey to
reimagine the working day. Comprising flexible, consciously
designed spaces, premium amenities, a curated programme of events,
and a 360-degree wellness offering, the Fora experience is
engineered to maximise productivity, wellbeing and overall
workplace satisfaction.
Since launching in Clerkenwell in 2017, the current Fora network
consists of 13 locations across London - including Soho,
Spitalfields and Borough - and Reading, with six spaces in the
pipeline including Cambridge, Oxford, Wells Mews and Oxford Street,
growing to 15 with the opening of Wells Mews and Greencoat.
Personalised service, dynamic spaces and enhanced technology have
inspired organisations such as Sony, Dropbox, and the British
Fashion Council to make Fora their workspace home. Whether employed
by large enterprises, small businesses, or start-ups, Fora clients
- called Residents - leverage the unique Fora experience to forge
connections, feed curiosity, and ultimately feel Wonderful at
Work.
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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