20th Mar 2007 07:02
Derwent London PLC20 March 2007 20 March 2007 Derwent London plc ("Derwent") Derwent sells Swiss Cottage sITE for £18.25 million Derwent London plc, Derwent Valley Holdings plc's new name following its mergerwith London Merchant Securities plc ("'LMS") in February 2007, today announcesthe disposal of a residential site in Swiss Cottage, North London, to GalliardHomes Limited for £18.25 million. The site, located at 2/20 Winchester Road and157a Fellows Road, NW3, has the benefit of planning permission for a 76 unitresidential scheme. This transaction represents the first sale of a non core property from the LMSportfolio. The price reflects a significant premium over the 31st January 2007valuation of £10 million. John Burns, Chief Executive of Derwent London, commented: "At the time of ourmerger, we stated that we would be disposing of the non-core assets held withinDerwent's enlarged portfolio. We will recycle the proceeds into our coreactivity of acquiring and refurbishing offices in central London's principalcommercial villages, where we continue to see significant opportunities." -ENDS- For further information please contact: Derwent London Tel: 020 7659 3000John Burns Financial Dynamics Tel: 020 7831 3113Stephanie Highett / Marcus Pepperell This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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