Derwent London Regulatory News (DLN)

21 Jul 2008 07:30



3PRESS RELEASE

21 July 2008

Derwent London plc ("Derwent London" / "Company")

DERWENT LONDON PRE-LETS TO CANCER RESEARCH uk 

140,000 SQ FT OFFICES AT aNGEL BUILDING, LONDON EC1

Derwent London has agreed a letting with Cancer Research UK ("CR-UK"), one of the UK's leading charities. This will result in over 50% of the Angel Building being pre-let prior to the completion of its reconstruction in mid 2010.

CR-UK is taking the ground, first, second and part-third floors, comprising 139,500 sq ft (12,960 sq m) of the 263,000 sq ft (24,433 sq m) building on a 20 year lease, with a break at the 15th year, at a rent of £5,613,311 per annum, representing a rent of £41.00 per sq ft on the first, second and part-third floors and £35.00 per sq ft at ground floor. There is a rent-free period of 24 months and a six month penalty if the break option is exercised.  Until practical completion CR-UK has the right to take the remaining 28,804 sq ft / 2,676 sq m of the third floor at a rent of £41.00 per sq ft or to exclude the entire third floor from its occupancy.

Situated in Clerkenwell on the corner of Pentonville Road and St. John Street and immediately south of Angel tube station, the building is within walking distance of Kings Cross and the newly opened St Pancras Eurostar terminal. The scheme will include 13,500 sq ft (1,254 sq m) of ground floor retail, a full height 9,500 sq ft (882 sq m) atrium reception area on a 0.31 acre (0.035 hectare) island site.

Formerly known as the Angel Centre, Derwent acquired the building through its merger with London Merchant Securities ("LMS") in February 2007 and immediately instigated a strategy to progress total refurbishment. This included agreeing a lease surrender with the tenant, who continues to pay a rent of £4.3m per annum until March 2010. In February this year, Derwent secured planning permission for the Allford Hall Monaghan Morris redesign of the building which will add c.101,000 sq ft net (9,383 sq m) of new floor area to the original building.

-ends-

For further information please contact:

Dido Laurimore/ Olivia Goodall, Financial Dynamics (for Derwent London): Tel: 020 7831 3113

John Burns, Chief Executive, Derwent London: Tel 020 7659 3000