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Acquisition of 20 Farringdon Road as part of property swap

Acquisition of 20 Farringdon Road as part of property swap

11 Feb 2015

Derwent London plc has exchanged contracts with LaSalle Investment Management to acquire a minimum 175-year long leasehold of 20 Farringdon Road, Clerkenwell EC1 in London’s Tech Belt. LaSalle will retain the building’s virtual freehold with the right to receive 10% of all rents.  In return Derwent London has disposed of two properties: 22 Kingsway WC2 for £64.5 million and Mark Square House EC2 for £32.1 million, representing net initial yields of 4.4% on both properties, and a 50% interest in a joint venture at 9 and 16 Prescot Street E1 to LaSalle. The price of the acquisition is £88.0m before costs, and the combined disposal proceeds are £115.3m. Derwent London will receive the balance of £27.3m in cash before costs.

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Nina Coad
Brunswick Group
Tel +44 (0)20 7404 5959
derwentlondon@brunswickgroup.com