Business
Sale of The Buckley Building EC1
Sale of The Buckley Building EC1.
About this update from Derwent London Plc
[{"type":"text","content":"\n \nRNS Number : 3051I Derwent London PLC 08 August 2019 \n\nDerwent London plc (\"Derwent London\" / \"the Group\")DERWENT LONDON ANNOUNCES SALE OF THE BUCKLEY BUILDING EC1\n \nDerwent London is pleased to announce it has exchanged contracts to sell the freehold of The Buckley Building, 49 Clerkenwell Green EC1 to clients of CBRE Global Investors for £103.0m before costs. The 85,100 sq ft office building is multi-let producing a 'topped-up' income of £4.87m representing a net yield to the purchaser of 4.43%. The disposal price net of costs and potential top-ups is £99.6m, 4.8% above December 2018 book value.\n \nThe building was acquired in 2007 and completely refurbished in 2013. The refurbishment with architects Buckley Gray Yeoman increased the lettable area by c.10,000 sq ft utilising redundant atrium space, added new external terraces and repositioned the entrance to face Clerkenwell Green. The sales price was achieved following recent active management initiatives increasing income through rent reviews and a lease extension. \n \nPaul Williams, Chief Executive at Derwent London, said:\n\"The disposal of The Buckley Building is a further example of our strategy of selling mature assets. This disposal takes our total sales so far this year to over £180m, proceeds of which will be recycled into our substantial on-site development programme.\"\n- ends -\n \nFor further information, please contact:\n \n\n\n\nDerwent London\nTel: +44 (0)20 7659 3000\n \n\n\nPaul Williams, Chief Executive\nDavid Silverman, Director\nGiles Sheehan, Head of Investment\nQuentin Freeman, Head of Investor Relations\n\n\n\n\n \nBrunswick Group\nTel: +44 (0)20 7404 5959\n \n\n\n \nNina Coad\nEmily Trapnell\n \n\n\n\n \n \n \nNotes to editors\n \n \nDerwent London plc\nDerwent London plc owns 84 buildings in a commercial real estate portfolio predominantly in central London valued at £5.4 billion (including joint ventures) as at 30 June 2019, making it the largest London-focused real estate investment trust (REIT).\n \nOur experienced team has a long track record of creating value throughout the property cycle by regenerating our buildings via development or refurbishment, effective asset management and capital recycling. \n \nWe typ...