Business
Sale of interest in 1-5 Grosvenor Place SW1
Sale of interest in 1-5 Grosvenor Place SW1.
About this update from Derwent London Plc
[{"type":"text","content":"\n \nRNS Number : 7289J Derwent London PLC 19 July 2013 \n \n\n19 July 2013 \n \nDerwent London sells its interest in 1-5 Grosvenor Place SW1 to Peninsula Hotels for £132.5 million \n \nFurther to the announcement made on 19 June 2013, Derwent London plc announces that it has now exchanged contracts for the sale of its 50% interest in 1-5 Grosvenor Place SW1 to The Hongkong & Shanghai Hotels, Limited, trading as Peninsula Hotels, for £132.5 million before costs. The transaction reflects a 70% premium to the December 2012 valuation of the Group's interest of £78 million.\n \nThe sale is due to complete on 25 July 2013, at which time Derwent London will have received proceeds of almost £200 million from 1-5 Grosvenor Place since the start of 2012. \n \n-ends-\n \nFor further information please contact:\n \nDerwent London 020 7659 3000\n \nJohn Burns, Chief Executive Officer\n \nDamian Wisniewski, Finance Director\n \nPaul Williams, Executive Director\n \nLouise Rich, Head of Investor Relations\n \n \nBrunswick Group 020 7404 5959\n \nElizabeth Adams \n \nSheena Shah\n \n \nNotes to editors\n \nDerwent London\n \nDerwent London plc owns a portfolio of commercial real estate predominantly in central London valued at £2.9bn as at 31 December 2012, making us the largest London-focused real estate investment trust (REIT).\n \nOur experienced team has a proven record of value creation through development, refurbishment and asset management activities. We take a fresh approach to each building, adopting a design-led and tenant-led philosoph...