TIDMDLN
RNS Number : 6068V
Derwent London PLC
14 December 2021
Derwent London plc ("Derwent London" / "the Group")
Terms agreed to acquire City Road Island EC1
The Moorfields Eye Hospital NHS Foundation Trust and UCL have
selected Derwent London as their preferred bidder for the
acquisition of the freehold of City Road Island, 162 City Road and
11-43 Bath Street EC1. Following a detailed selection process,
heads of terms have been agreed for this c.400,000 sq ft estate
forming an important strategic 2.5 acre site located in the heart
of the Tech Belt. Derwent London intends to submit a planning
application in 2022 for its redevelopment, with the acquisition
expected to complete in the second half of 2026 upon the delivery
of the 'Oriel' joint initiative for a new eye care, research and
education centre in Camden.
Paul Williams, Chief Executive of Derwent London, said:
"We are delighted to be acquiring this well located major
regeneration opportunity close to our existing holdings in
Islington. We are pleased to be part of the process whereby the
Oriel partners can fulfil their ambition to build a new eye care,
research and education centre."
Martin Kuper, Chief Executive of Moorfields Eye Hospital NHS
Foundation Trust said:
"The sale of City Road Island is an essential part of our
funding strategy for Oriel. All proceeds will be reinvested in the
new centre to secure the long-term future of world-leading eye
care, research and education in a way that represents value for
money. Arrangements will be put in place for a smooth transition
from the existing sites to the new one, with minimal disruption to
the delivery of ongoing patient care.
"We know that staff and patients have formed a strong attachment
to Moorfields at City Road over the years and will work with them
to make sure that we do justice to honouring its legacy when we
move to St Pancras. We will also maintain our strong links with
Islington Council as plans for City Road Island progress."
Professor Alan Thompson, Dean of the UCL Faculty of Brain
Sciences, said:
"Our current facilities have served us very well for decades,
but we will be better placed to realise our future ambitions with a
modern, purpose-built centre. Oriel is enabling us to make the
improvements that will support our work in the long-term by moving
to a new building that supports collaboration and maximises
opportunities to strengthen our partnership with Moorfields and
delivers real benefits for our patients.
"We are excited to be opening a new chapter in the Institute's
evolution and welcome the prospect of continuing our proud history
of pioneering research in a building that matches the scale of our
ambition."
For further information, please contact:
Derwent London Paul Williams, Chief Executive
Tel: +44 (0)20 7659 3000 Nigel George, Executive Director
Robert Duncan, Investor Relations
Brunswick Group Nina Coad
Tel: +44 (0)20 7404 5959 Emily Trapnell
Notes to editors
Derwent London plc
Derwent London plc owns 81 buildings in a commercial real estate
portfolio predominantly in central London valued at GBP5.4 billion
as at 30 June 2021, 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 5.4 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 October 2021 Derwent London won EG's UK Company of the Year
award and in January 2021 came top of the Property Sector and 10th
position overall in Management Today's Britain's Most Admired
Companies awards 2020. In 2020 the Group 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
Forward-looking statements
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the future outlook of Derwent London. By their nature, any
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because they relate to events and depend on circumstances that may
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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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