Derwent London plc (DLN.L) has reached non-binding heads of terms to sell its 50% interest in 1-5 Grosvenor Place SW1 to Peninsula Hotels for 132.5 million pounds, excluding costs. As at December 31, 2012 the Group's interest was valued at 78 million pounds. The proposed transaction reflects a 70% premium to that valuation. The existing properties comprise mainly offices and extend to 168,000 sq ft., net, at Hyde Park Corner, Belgravia.
In 2012, Derwent London and Grosvenor, the freeholder of 1-5 Grosvenor Place, restructured their interests and established a joint venture. Pursuant to the agreement Derwent London's leases, which were due to expire in 2063 and 2084, were restructured onto a 150-year term. Simultaneously the Group sold 50% of its ownership to Grosvenor for £67.3 million.
Upon the completion of the proposed transaction, Derwent London would have received proceeds of nearly 200 million pounds from 1-5 Grosvenor Place since the start of 2012. The heads of terms entered with Peninsula Hotels are not legally binding and consequently the sale may or may not proceed.
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