Derwent London PLC Disposal of Bush House WC2 (6998S)
July 18 2022 - 2:00AM
UK Regulatory
TIDMDLN
RNS Number : 6998S
Derwent London PLC
18 July 2022
18 July 2022
Derwent London plc ("Derwent London" / "the Group")
DISPOSAL OF BUSH HOUSE WC2
Derwent London announces that it has exchanged contracts to sell
Bush House, South West Wing WC2, a 103,700 sq ft freehold office
building. The disposal price is GBP85m before costs, reflecting a
premium to December 2021 book value.
The building is being sold with vacant possession. This sale
further reduces our low loan-to-value ratio and provides additional
funds to invest in our development pipeline.
Paul Williams, Chief Executive of Derwent London, said:
"The sale of Bush House has de-risked the refurbishment and
resulted in the early crystallisation of our development return. As
the flight to quality continues, we are focused on delivering our
larger net zero carbon schemes at 25 Baker Street W1 and Network
Building W1."
For further information, please contact:
Derwent London Paul Williams, Chief Executive
Tel: +44 (0)20 7659 3000 Nigel George, Executive Director
Robert Duncan, 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 77 buildings in a commercial real estate
portfolio predominantly in central London valued at GBP5.7 billion
as at 31 December 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 buildings 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 2022 we were proud to announce that we had achieved
the National Equality Standard - the UK's highest benchmark for
equality, diversity and inclusion. In April 2022, Derwent London
won the BCO Best Commercial Workplace award for 80 Charlotte
Street. In October 2021, the Group won EG's UK Company of the Year
award and in January 2022 came top of the Property Sector and 38th
position overall in Management Today's Britain's Most Admired
Companies awards 2021. 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
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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