Business
Sale of Turnmill EC1
Sale of Turnmill EC1.
About this update from Derwent London Plc
[{"type":"text","content":"\n\n \n\n25 April 2024\nDerwent London plc (\"Derwent London\" / \"the Group\") Sale of Turnmill EC1\n\nDerwent London announces that it has exchanged contracts to sell its 70,300 sq ft freehold interest in Turnmill EC1 for £77.35m (before costs). The purchaser is the UK investment manager Titan Investors.\n \nThe redevelopment of this architecturally striking building in the heart of Clerkenwell completed in 2015 and it is let to Publicis Groupe, at a passing rent of £4.0m, on a lease expiring in 2035, with a tenant break in 2033. The disposal price reflects a net initial yield to the purchaser of 4.9% with a rent review in 2025, a capital value of £1,100 psf and is at a small premium to the December 2023 book value.\n \nPaul Williams, Chief Executive of Derwent London, said:\n\"This disposal crystallises an attractive 9.1% IRR for the Group as the London office investment market reopens. Proceeds will be recycled into our two exciting on-site net zero carbon West End developments, 25 Baker Street W1 and Network W1, which together total 437,000 sq ft, while enhancing our financial capacity as opportunities are beginning to emerge.\"\n \n \nFor further information, please contact:\n \n\n\n\n\nDerwent London\nTel: +44 (0)20 3478 4217 (Robert Duncan)\n \n\n\nPaul Williams, Chief Executive\nRichard Dean, Director of Investment\nRobert Duncan, Head of Investor Relations\n\n\n\n\n \nBrunswick Group\nTel: +44 (0)20 7404 5959\n\n\n \nNina Coad\nPeter Hesse\n\n\n\n\n \n \nNotes to editors\nDerwent London plc\nDerwent London plc owns 66 buildings in a commercial real estate portfolio predominantly in central London valued at £4.9 billion as at 31 December 2023, 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 development or refurbishment, effective asset management and capital recycling.\nWe typically acquire central London properties off-market with low capital values and ...