Derwent London PLC Disposal of 75 Wells Street (3763J)
09 September 2016 - 4:00PM
UK Regulatory
TIDMDLN
RNS Number : 3763J
Derwent London PLC
09 September 2016
9 September 2016
Derwent London plc ("Derwent London" / "the Group")
Derwent London sells 75 Wells Street W1 for GBP41m
Derwent London has sold the long leasehold interest in 75 Wells
Street W1 for GBP40.9m before costs, in line with December 2015 and
June 2016 valuations. The purchaser was a private investor.
The property provides 34,800 sq ft of office and retail
accommodation. The multi-let building produces a net annual rent of
GBP1.28m with a further 6,460 sq ft of vacant offices across three
part floors.
John Burns, Chief Executive Officer of Derwent London,
commented:
"This disposal, which has been negotiated since 23 June 2016,
demonstrates the ongoing interest in central London property and
our continued ability to recycle capital."
- ends -
Enquiries:
Derwent London John Burns, Chief Executive
Tel +44 (0)20 7659 3000 David Silverman, Director
Quentin Freeman, Head of Investor Relations
Brunswick Group LLP Nina Coad
Tel: +44 (0)20 7404 5959 Emily Trapnell
Notes to editors
Derwent London plc
Derwent London plc owns a portfolio of commercial real estate
predominantly in central London valued at GBP5.2 billion (including
joint ventures) as at 30 June 2016, 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 6.2 million sq ft portfolio include
Angel Building EC1, The Buckley Building EC1, White Collar Factory
EC1, 1-2 Stephen Street W1, Horseferry House SW1 and Tea Building
E1.
In 2015 Derwent London topped the real estate sector for the
sixth year in a row and was placed third overall in the Management
Today 2015 awards for 'Britain's Most Admired Companies'. In
addition the Group won awards by Architects' Journal, British
Council for Offices, Civic Trust and RIBA and achieved EPRA Gold
for corporate and sustainability reporting. In 2016 Turnmill and
The Corner House won RIBA National awards.
As part of its wider sustainability programme, in 2013 Derwent
London launched a dedicated GBP250,000 voluntary Community Fund
and, in 2016, made a further commitment of GBP300,000 for the next
three years for 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 company news service from the London Stock Exchange
END
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