Derwent London to sell Angel Square freehold to Tishman Speyer
By Michele Maatouk
Date: Monday 19 Jul 2021
(Sharecast News) - Derwent London has agreed to sell its 126,200 sq ft freehold interest in Angel Square, Islington, to property developer Tishman Speyer for £86.5m before costs.
Acquired in November 2014, Angel Square consists of three multi-let connected buildings around a central courtyard. Following a light touch refurbishment, the bulk of the property was let to Expedia and The Office Group.
At December 2020, the total rent passing was £5m a year, however leases have since expired and the property will become vacant following the sale. Derwent said the disposal price, net of costs, represents a "substantial" premium to December 2020 book value.
Chief executive Paul Williams 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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10 Lower Thames St,
London EC3R 6EN