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Derwent London To Sell Freehold Interest In Johnson Building To Eurazeo

Derwent London PLC (DLN.L) announced Thursday its agreement to sell its 192,700 sq ft freehold interest in Johnson Building, 77 Hatton Garden and 5-7 St Cross Street EC1 to Eurazeo Patrimoine, the real assets division of Eurazeo.

The headline price in the deal is 170 million pounds before rental top-ups of 2.4 million pounds for incentives and vacant space.

Derwent London acquired the office and retail complex in 2000 for 29 million pounds. In 2006, the company completed a significant refurbishment designed by architects AHMM which increased the lettable area by 53%.

The total rent passing from the multi-let buildings is 7.3 million pounds per annum with approximately 40% of the income expiring in 2021.

Paul Williams, Chief Executive of Derwent London, said, "The refurbishment of the Johnson Building was one of our first generation of schemes and the sale continues our strategy of disposing of mature assets. The proceeds will be reinvested into new developments with superior growth prospects, such as 19-35 Baker Street W1 which is scheduled to start on site in 2021."

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