1st Apr 2026 08:38
(Alliance News) - Derwent London PLC on Wednesday said it has struck a deal to sell the Horseferry House asset in London.
The property in Westminster, to be sold to an "overseas investor" for GBP131.8 million, serves as the headquarters of luxury goods firm Burberry Group PLC. The sale price is slightly below the December book value.
The property investor, with a commercial real estate portfolio, acquired Horseferry House in 2005 for GBP34 million.
"Burberry's lease was regeared, extending the term by five years to 2043 (no breaks) and incorporating two new five-yearly fixed uplifts in 2033 and 2038," Derwent said.
Derwent said it has now exchanged contracts on around GBP275 million sales since the start of the year. It is in talks for a further GBP100 million as part of its three-year disposals target of GBP1 billion.
Derwent shares rose 2.0% to 1,603.00 pence each in London on Wednesday morning.
By Eric Cunha, Alliance News news editor
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