25th Apr 2024 11:20
Derwent London PLC - London-based property investor and developer - Sells 70,300 square feet freehold interest in the Turnmill building in the Clerkenwell area of central London for GBP77.4 million before costs to investment manager Titan Investors. Says the redevelopment was completed in 2015 and is let to Publicis Groupe SA at a passing rent of GBP4.0 million per year. The lease expires in 2035 with a tenant break in 2033. The disposal price reflects a net initial yield to Titan Investors of 4.9%. This is with a rent review in 2025, a capital value of GBP1,100 per square foot and is "at a small premium" to the December 2023 book value. Read More
