Derwent London Regulatory News (DLN)

13 Feb 2008 09:20

Derwent London PLC13 February 2008 PRESS RELEASE PRESS RELEASE13 February 2008 Derwent London plc ("Derwent London"/ "Company") DERWENT london SECURES PLANNING FOR MAJOR 255,000 SQ FT REFURBISHMENT OF ANGEL CENTRE, EC1 Derwent London, one of London's most dynamic and innovative property investorsand developers, has secured planning permission from Islington Borough Councilfor the 255,000 sq ft net (23,690 sq m) office refurbishment of the AngelCentre, London, EC1. The property is the first building from the London MerchantSecurities' ("LMS") portfolio to be refurbished by Derwent London after itsmerger in February 2007. Situated on the corner of Pentonville Road and St. John Street and immediatelysouth of Angel Tube station, the building is just a short walk from Kings Crossand the newly opened St Pancras Eurostar terminal. This major refurbishment willbring stylish office accommodation to this rapidly expanding and vibrant part ofLondon. The new scheme will add c. 93,000 sq ft net (8,640 sq m) to the originalbuilding, which was developed by LMS in 1984, by infilling the large externalcourtyard with a spectacular atrium and expanding the skin of the building witha new steel and glass facade. A newly landscaped public space will be created onSt. John Street with restaurants and retail space, bringing additional vitalityat street level. Allford Hall Monaghan Morris ("AHMM"), the architects who transformed DerwentLondon's Johnson Building in Hatton Garden, has been appointed on the scheme.Similar green energy features used there will also feature at Angel, withdisplacement air conditioning and smart lighting. AHMM have created a designwhich will drive significant natural light into the building through three metrewindows and galleried floors which look out onto the central atrium. The sixstorey building has floorplates of c. 50,000 sq ft (4,650 sq m) which will offerflexibility for either single or multiple tenants. Enabling works on the building are expected to begin in spring 2008 withcompletion planned for early 2010. Whilst Derwent London has possession of thebuilding, it will continue to generate an income of £4.2 million per annum untilMarch 2010. Simon Silver, Head of Development at Derwent London, commented: "We are very excited to have gained this planning consent on the anniversary ofcompleting our merger with London Merchant Securities and are encouraged by thespeed at which this project is progressing. "Derwent London has built an extremely strong track record in terms of creatingwell designed schemes in London's villages that excite occupiers. In 2007, wesuccessfully let both the refurbished Johnson Building in Hatton Garden and thesoon to be completed Horseferry House in Victoria which is to become Burberry'snew headquarters. The Angel Centre fits into the model of these two assets andwe are confident that we can deliver an exceptional building which will beattractively priced for future occupiers." -ends- For further information please contact: Dido Laurimore/Nicole Marino, Tel: 020 7831 3113Financial Dynamics (for Derwent London) Simon Silver, Head of Development, Derwent London Tel: 020 7659 3000 Notes to editors Derwent London plc Derwent London plc was formed on 1 February 2007 following the merger of DerwentValley Holdings and London Merchant Securities and converted to REIT status on 1July 2007. The group is one of London's most innovative office specialistproperty developers and investors and is well known for its establisheddesign-led philosophy and creative management approach to development. DerwentLondon won the RIBA Client of the Year Award 2007. Derwent London's core strategy is to acquire and own a portfolio of CentralLondon property that has reversionary rents and significant opportunities toenhance and extract value through refurbishment and redevelopment. The groupowns and manages an investment portfolio of over £2.8 billion, of which £2.5billion or 93% is located in Central London, with a specific focus on the WestEnd and the areas bordering the City of London. Landmark schemes by DerwentLondon include: Qube W1, Johnson Building EC1, Davidson Building WC2 andBroadwick House W1. Approximately 50% of the London portfolio is identified as having theopportunity, through development, to achieve significant gains in floor areaand, thereby, increases in value. The existing pipeline of development andrefurbishment projects is extensive, totalling 3.3 million sq ft (306,500 sq m). This information is provided by RNS The company news service from the London Stock Exchange