Last checked at 21 Dec 2016 14:00
21 December 2016
Derwent London plc ("Derwent London" / "the Group")Derwent London sells 120-134 Tottenham Court Road W1 for £70m
Derwent London has completed the sale of the freehold interest in 120-134 Tottenham Court Road W1 to a private investor for £69.74m before costs.
The property comprises a 330-room hotel and 26,400 sq ft of retail and restaurant floorspace. The hotel is let to Radisson Blu Edwardian Grafton on a long lease with a 147-year unexpired term and the retail is multi-let to 11 tenants on various lease terms.
The building produces a total net annual rent of £2.33m.
John Burns, Chief Executive Officer of Derwent London, commented:
"We are pleased to have completed this disposal at a price above both our December 2015 and June 2016 valuations. This sale takes total disposals for the year to £210m. With 98% of the sales exchanged or completed in H2, these demonstrate the good continuing interest in central London."
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Enquiries:
Derwent London Tel +44 (0)20 7659 3000
| John Burns, Chief Executive David Silverman, Director Quentin Freeman, Head of Investor Relations |
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Brunswick Group LLP Tel: +44 (0)20 7404 5959 | Nina Coad Emily Trapnell |
Notes to editors
Derwent London plc
Derwent London plc owns a portfolio of commercial real estate predominantly in central London valued at £5.2 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 2016, the Group won the Estates Gazette National Company of the Year and London awards as well as awards from Architects' Journal, British Council for Offices, Civic Trust and RIBA and achieved EPRA Gold for corporate and sustainability reporting.
As part of its wider sustainability programme, in 2013 Derwent London launched a dedicated £250,000 voluntary Community Fund and, in 2016, made a further commitment of £300,000 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.