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Derwent London agrees to sell freehold interest in New River Yard EC1 asset

By Iain Gilbert

Date: Wednesday 26 Jan 2022

Derwent London agrees to sell freehold interest in New River Yard EC1 asset

(Sharecast News) - Property investment and development firm Derwent London has exchanged contracts to sell its 70,700 square foot freehold interest in New River Yard EC1 to a private property company.
Derwent London said on Wednesday that the disposal price for New River Yard, which consists of four office buildings, was £67.5m before costs, and before rental top-ups.

The FTSE 250-listed firm highlighted that the disposal price, after deduction of rental top-ups, represented a 4.5% net initial yield and a marginal discount to its June 2021 book value.

Chief executive Paul Williams said: "This sale continues our strategy of recycling mature assets while investing in developments and potential pipeline projects where we see superior returns.

"We currently have 708,000 square foot of net-zero carbon development under construction including the recently commenced 19-35 Baker Street W1."

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