29th Jul 2025 11:10
Derwent London PLC - London-based property investor and developer - Exchanges contracts for the sale of Francis House for GBP55.5 million, to a Local Government Pension Scheme advised by Colliers Global Investors. Expects the sale to complete early in the fourth quarter. Francis House consists of 43,000 square feet of office space and a 9,000 square foot basement. Derwent says PR company Edelman pre-let the space, during renovations completed in 2022, on a 15-year lease at a GBP76 per square foot headline rent. Adds that the sale price is in line with the December 2024 book value and reflects a 4.9% net initial yield to the buyer. Expects the sale to be "slightly accretive" to EPRA earnings. Read More