Derwent London PLC Sale of 19 Charterhouse Street EC1 (7285M)
16 January 2023 - 6:00PM
UK Regulatory
TIDMDLN
RNS Number : 7285M
Derwent London PLC
16 January 2023
16 January 2023
Derwent London plc ("Derwent London" / "the Group")
SALE OF 19 CHARTERHOUSE STREET EC1
Derwent London announces that it has exchanged contracts to sell
its 63,170 sq ft freehold interest in 19 Charterhouse Street EC1
for GBP54.0m before costs. The purchaser is a family office advised
by Morgan Capital and BNF Capital Limited.
The building, which was purchased in November 2013 for GBP41.3m
after costs, is occupied by the London College of Accountancy on a
lease expiring in August 2025. The passing rent is GBP2.6m pa. The
disposal price represents a 4.6% net initial yield to the
purchaser, a capital value of GBP855 psf and reflects a marginal
discount to June 2022 book value.
Paul Williams, Chief Executive of Derwent London, said:
"This sale forms part of our ongoing strategy of reducing our
exposure to smaller buildings with less repositioning potential. As
the flight to quality continues and occupiers become increasingly
selective, proceeds will be recycled into our exciting development
pipeline where we are currently on site with 435,000 sq ft of net
zero carbon projects which we expect will deliver attractive
returns."
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 75 buildings in a commercial real estate
portfolio predominantly in central London valued at GBP5.9 billion
as at 30 June 2022, 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 1
Soho Place W1, 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 October 2022, 80 Charlotte
Street won the BCO's Best National Commercial Workplace award 2022.
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 2013 the Company launched a voluntary
Community Fund which 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.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
DISNKNBPPBKDFDD
(END) Dow Jones Newswires
January 16, 2023 02:00 ET (07:00 GMT)
Derwent London (LSE:DLN)
Historical Stock Chart
From Apr 2024 to May 2024
Derwent London (LSE:DLN)
Historical Stock Chart
From May 2023 to May 2024