16th Jun 2006 08:00
Derwent Valley Holdings PLC16 June 2006 PRESS RELEASE 16 June 2006 THE ASTORIA - MAJOR WEST END ACQUISITION FOR DERWENT VALLEY Derwent Valley Central Limited, a subsidiary of Derwent Valley Holdings plc, thespecialist Central London property investment and development group, hasexchanged contracts to acquire The Astoria Theatre, 157-165 Charing Cross Roadand 17 Oxford Street, London W1, from a joint venture of Compco Holdings plc fora total consideration of £23.75 million, plus costs. The Astoria is a well-known entertainment venue and is let to a subsidiary ofClear Channel Entertainment UK Holdings Limited at a current rent of £1,097,500per annum on a lease that expires in December 2008. The property affords a grossinternal area of 42,350 sq ft (3,930 sq m) and includes two retail shops. 17 Oxford Street comprises 3,270 sq ft (304 sq m) of retail space. The propertyis let for a term of 25 years from June 1997, at a passing rent of £176,750 perannum. Both properties adjoin the group's existing holding at 135-145 Charing CrossRoad, and form part of a comprehensive site running from Oxford Street toGoslett Yard which is a key part of the West End Special Policy Retail Arearecently announced by the London Mayor. John Burns, Managing Director at Derwent Valley, commented "The Astoria is a valuable addition and a strategic acquisition, which adjoinsour existing holdings in the area and will form a potential development site forthe future. We are committed to the regeneration of key areas in London and arelooking forward to the opportunities afforded by such a prominent location." -Ends- For further information please contact: John Burns Tel: 020 7659 3000 Financial Dynamics Tel: 020 7831 3113Stephanie Highett/Dido Laurimore/Marcus Pepperell This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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