(Alliance News) - Derwent London PLC announced on Tuesday it has agreed to acquire the City Road Island freehold in east London.
The London-based property investment and development business was named by Moorfields Eye Hospital NHS Foundation Trust and University College London as the preferred bidder for the asset.
Derwent London intends to submit a planning application in 2022 for the estate's redevelopment, with the acquisition expected to complete in the second half of 2026 upon the delivery of the Oriel joint initiative.
The Oriel initiative involves a new eye care, research and education centre in Camden.
Chief Executive of Moorfields Eye Hospital 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."
Shares in Derwent were up 0.3% at 3,362.00 pence each on Tuesday afternoon in London.
By Heather Rydings; heatherrydings@alliancenews.com
Copyright 2021 Alliance News Limited. All Rights Reserved.
Derwent London (DLN)