Derwent London Regulatory News (DLN)

1 October 2013

Derwent London signs new £550m five year unsecured bank facility

Derwent London ("Derwent London plc"/ "the Group") announces today that it has signed a new £550m unsecured five year revolving credit facility.

The new facility is being provided by the Group's principal relationship banks, HSBC, RBS, Barclays and Lloyds, with HSBC as agent. It replaces £650m of secured bank facilities expiring between April 2014 and January 2017, as was indicated in the Group's interim results announced in August and follows on from the Group's issue in July of £150m of convertible bonds due in July 2019.

The margin payable under the new facility is 160 basis points over LIBOR for net asset gearing levels of up to 50%. The margin increases at higher levels of gearing with a maximum permitted level of 160%. The current level of Group net asset gearing is 40.4% based on June 2013 property values.

Damian Wisniewski, Finance Director of Derwent London, commented:

"Our new unsecured bank facility brings greater operational flexibility in relation to individual properties and the release of security on the facilities repaid provides the Group with a pool of unencumbered assets of over £1.8bn. We are pleased to have put these new arrangements in place at competitive pricing."

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For further information please contact:

Derwent London 020 7659 3000

Damian Wisniewski, Finance Director

Louise Rich, Head of Investor Relations

Brunswick Group 020 7404 5959

Elizabeth Adams

Sheena Shah

Notes to editors

Derwent London

Derwent London plc owns a portfolio of commercial real estate predominantly in central London valued at £3.1bn as at 30 June 2013, making us the largest London-focused real estate investment trust (REIT).

Our experienced team has a proven record of value creation through development, refurbishment and asset management activities. We take a fresh approach to each building, adopting a design-led and tenant-led philosophy. We focus on buildings with reversionary mid-market rents, particularly those in improving locations around the West End and the City borders.

The business is grounded on a strong balance sheet with modest leverage, a robust income stream and flexible financing.

Landmark schemes in our portfolio of 5.5 million sq ft (510,600m2) as at 30 June 2013 include Angel Building EC1, The Buckley Building EC1, Qube W1, Horseferry House SW1 and Tea Building E1.

In 2013 to date Derwent London has won the 'West End Deal of the Year' for our letting to Burberry at 1 Page Street SW1 and 'City Development of the Year' for our 4 & 10 Pentonville Road N1 scheme at the OAS Development Awards as well as 'Developer of the Year' at the New Energy & Cleantech Awards. In addition the 2012 Report & Accounts and 2012 Sustainability Report have been awarded an EPRA Gold award

Derwent London came seventh overall in the 2012 Management Today awards for 'Britain's Most Admired Companies', topping the real estate sector for the third year in a row. Earlier in 2012 the Group won the Estates Gazette 'Property Company of the Year - Offices' award. Last year the Tea Building also won a RIBA regional award and an AJ Retrofit award for the 'Green Tea' refurbishment to improve the environmental performance of the building.

For further information see www.derwentlondon.com or follow us on Twitter at @derwentlondon.