Derwent London is pleased to announce that it has exchanged contracts for the disposal of Horseferry House SW1 for £131.8m (before rental top-ups) to an overseas investor. Completion is scheduled for June 2026.
The Group acquired the 164,900 sq ft Horseferry House in 2005 for £34m and subsequently completed a substantial refurbishment, during which it was pre-let to Burberry, the British fashion brand, as their global headquarters. In late 2025, Burberry’s lease was regeared, extending the term by five years to 2043 (no breaks) and incorporating two new five-yearly fixed uplifts in 2033 and 2038. The sale price is marginally below the December 2025 book value.
Paul Williams, Chief Executive of Derwent London, said:
“Our disposal of Horseferry House crystallises a c.8.4% IRR over our 21-year ownership, outperforming the MSCI Central London Office Index by c.240bp pa. We have now exchanged contracts on c.£275m of sales since the start of the year and are in discussions on a further c.£100m, as part of our three year disposals target of £1bn.”