Business
Derwent London plc Disposal of 90 Whitfield Street
Derwent London plc has exchanged contracts for the disposal of 90 Whitfield Street W1 to Lone Star Real Estate for £110.5 million before costs, a sale price reflecting a capital value of approximately £1,100 per square foot and a 5.0% net initial yield, which is slightly below the December 2025 book value. This 103,500 sq ft property, with a passing income of £5.9 million per annum and a weighted average unexpired lease term to break of 3.7 years, is expected to be broadly earnings neutral and will reduce the Group's leverage ratios, with proceeds earmarked for reinvestment into higher returning opportunities. Disclaimer*
About this update from Derwent London Plc
[{"type":"text","content":"\n\n\n\n\n\nDerwent London plc (\"Derwent London\" / \"the Group\")\nDisposal of 90 Whitfield Street W1\n\n\n\n\nDerwent London is pleased to announce that it has exchanged contracts with Lone Star Real Estate for the disposal of 90 Whitfield Street W1 for £110.5m before costs. The sale price reflects a capital value of c.£1,100 psf, a 5.0% net initial yield and is slightly below December 2025 book value. Completion is scheduled for August 2026.\nThis 103,500 sq ft Fitzrovia freehold property, which was developed in 2007, has a passing income of £5.9m pa, is 88% occupied by area and has a relatively short WAULT to break of 3.7 years. The sale is expected to be broadly earnings neutral and will reduce the Group's leverage ratios.\nPaul Williams, Chief Executive of Derwent London, said: \"Following the successful conclusion of a number of recent lettings, we took the decision to dispose of this relatively mature property. Capital recycling is a key component of our business model and the proceeds have been earmarked for reinvestment into higher returning opportunities. These include capital expenditure at our major projects, where we forecast attractive IRRs, as well as other alternative accretive uses.\"\n\nFor further information, please contact:\n\n\n\n\nDerwent London\nTel: +44 (0)20 3478 4217 (Robert Duncan)\n\n\nPaul Williams, Chief Executive\nRichard Dean, Director of Investment\nRobert Duncan, Head of Investor Relations\n\n\n\n\nBrunswick Group\nTel: +44 (0)20 7404 5959\n\n\nNina Coad\nPeter Hesse\n\n\n\n\n \n\nNotes to editors\n\nDerwent London plc\nDerwent London plc owns a commercial real estate portfolio predominantly in central London valued at £5.1 billion as at 31 December 2025, making it the largest London office-focused real estate investment trust (REIT).\nOur experienced team has a long track record of creating value throughout the property cycle by regenerating our buildings via redevelopment or refurbishment, effective asset management and capital recycling. We typically acquire central London properties off-market with low capital values and modest rents in improving locations, most of which are either in the West End or City Borders. We capitalise on the unique qualities of each of our properties - taking a fresh approach to the regeneration of every building with a focus on anticipating tenant requirem...