19th Jul 2021 09:19
(Alliance News) - Property developer Derwent London PLC on Monday said it has agreed to sell its 126,200 square feet freehold interest in Angel Square, Islington to US real estate investor Tishman Speyer for GBP86.5 million.
Angel Square consists of three multi-let connected buildings around a central courtyard. Following a light touch refurbishment, the bulk of the property was let to Expedia Group Inc and The Office Group.
At December 2020 the total rent passing was GBP5.0 million per annum, however leases have since expired and the property will become vacant following the sale. The disposal price, net of costs, represents a substantial premium to its book value at December 2020, the company said.
"This disposal reflects the strength of investment demand for central London office properties. Proceeds will be reinvested into our high quality development programme. This will soon be expanded to include 19-35 Baker Street W1 and the now consented Network Building W1, which together total over 400,000 sq ft. The former is due to commence in the next few months and the latter in 2022," said Chief Executive Paul Williams.
Shares in Derwent London were down 1.0% at 3,427.00 pence each in London on Monday morning.
By Amrit Sahota; [email protected]
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