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(Alliance News) - Derwent London PLC said on Wednesday that it has sold its freehold interest in the New River Yard property in London.
The London-based property investment company said the property was sold to an unnamed private property company for GBP67.5 million.
Derwent London explained that the disposal price, after the deduction of rental top-ups, represents a 4.5% net initial yield and a marginal discount to June 2021 book value.
New River Yard consists of four office buildings in London. The space is multi-let to 13 tenants with a total passing rent of GBP3.3 million per year.
Chief Executive Paul Williams said: "This sale continues our strategy of recycling mature assets while investing in developments and potential pipeline projects where we see superior returns. We currently have 708,000 square feet of net zero carbon development under construction including the recently commenced 19-35 Baker Street W1."
Shares in Derwent London were up 0.3% at 3,400.00 pence on Wednesday morning in London.
By Heather Rydings; heatherrydings@alliancenews.com
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