Derwent in deal drive as it offloads Angel office
Derwent London is eyeing new acquisition opportunities as the squeeze on the capital’s best-quality offices continues.
In a third-quarter business update, the investor-developer said it is looking for new deals, and has agreed to sell 4 & 10 Pentonville Road, N1, to an owner-occupier for £26m, a 3% discount to book value. It put the building up for sale back in April.
“There is increased interest across the investment market and volumes are expected to pick up into 2025,” chief executive Paul Williams said. “We continue to recycle capital and and recently exchanged contracts for the sale of 4 & 10 Pentonville Road. We are looking at an increasing number of acquisition opportunities, and are well placed with a strong balance sheet.”
Derwent London is eyeing new acquisition opportunities as the squeeze on the capital’s best-quality offices continues.
In a third-quarter business update, the investor-developer said it is looking for new deals, and has agreed to sell 4 & 10 Pentonville Road, N1, to an owner-occupier for £26m, a 3% discount to book value. It put the building up for sale back in April.
“There is increased interest across the investment market and volumes are expected to pick up into 2025,” chief executive Paul Williams said. “We continue to recycle capital and and recently exchanged contracts for the sale of 4 & 10 Pentonville Road. We are looking at an increasing number of acquisition opportunities, and are well placed with a strong balance sheet.”
Derwent has signed £4.5m of new rent so far in H2, almost 10% ahead of estimated rental value, with a further £5.7m under offer.
Williams said: “With strong occupier demand for high-quality buildings in the right locations, we are seeing rental growth across our London villages… We continue to see an attractive, supply-constrained market for our innovative and design-led space.”
Capital expenditure so far this year stands at £145m, which includes the next phase of West End schemes at Holden House, W1, 50 Baker Street, W1, and Greencoat & Gordon House, SW1.
