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Derwent London To Sell Angel Square, Islington To Tishman Speyer In £86.5 Mln Deal

Derwent London Plc. (DLN.L) Monday said it has exchanged contracts to sell its freehold interest in Angel Square, Islington to Tishman Speyer for 86.5 million pounds before costs.

The 126,200 sq ft Angel Square consists of three multi-let connected buildings around a central courtyard and was acquired in November 2014.

Following a light touch refurbishment, the bulk of the property was let to Expedia and The Office Group.

As of December 2020, the total rent passing was 5 million pounds per annum. The company noted that leases have since expired and the property will become vacant following the sale.

The disposal price, net of costs, represents a substantial premium to December 2020 book value.

Paul Williams, Chief Executive of Derwent London, said, "This disposal reflects the strength of investment demand for central London office properties. Proceeds will be reinvested into our high quality development programme. This will soon be expanded to include 19-35 Baker Street W1 and the now consented Network Building W1, which together total over 400,000 sq ft. The former is due to commence in the next few months and the latter in 2022."

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