TIDMDLN
RNS Number : 1415S
Derwent London PLC
04 November 2019
Derwent London plc ("Derwent London" / "the Group")
APOLLO LANDS AT 1 SOHO PLACE
Derwent London is pleased to announce that it has pre-let a
further three floors of 1 Soho Place W1 to Apollo Management
International, LLP, an affiliate of Apollo Global Management, Inc.
(together with its consolidated subsidiaries, "Apollo"), the global
alternative investment manager. Apollo will take the second, third
and fourth floors totalling 83,100 sq ft which represents 43% of
the office space in this building. They have committed to a 15-year
lease with five-year rent reviews. Including the previous
pre-letting announced earlier this year, 96% of the office space in
this building, or 76% of the commercial space in the entire
development including 2 Soho Place, is pre-let. In addition Apollo
has an option to take the remaining 5,200 sq ft of offices on the
first floor.
This prominent AHMM-designed scheme located over the Tottenham
Court Road Elizabeth line and Underground station will total
285,000 sq ft in two buildings comprising: 1 Soho Place 192,000 sq
ft of offices (mostly pre-let to Apollo and G-Research) with 36,000
sq ft of retail space and 2 Soho Place 40,000 sq ft theatre (which
is pre-let) and 17,000 sq ft offices. Completion is expected
towards the end of 2021. The development occupies a gateway
position at the junction of Oxford Street and Charing Cross Road.
It forms a significant part of the major upgrade of the area at the
eastern end of Oxford Street.
Paul Williams, Chief Executive of Derwent London, said:
"The fact that we have pre-let virtually all the office space at
1 Soho Place two years ahead of completion and on fifteen-year
terms to international occupiers of the calibre of Apollo
demonstrates the quality of our product, as well as the
re-establishment of the area as a core West End mixed-use location.
A position that will be enhanced by the expected opening of the
Elizabeth line next year. The pre-letting market continues to be
extremely strong across central London."
Rob Seminara, Head of Europe and Senior Partner at Apollo,
said:
"We are pleased to announce the lease of this exciting new
office space in London as we continue to expand our European
platform. This larger and state-of-the-art office gives us the
potential to grow our business from our main European hub and
further strengthen Apollo's position as one of the world's leading
alternative asset managers."
For further information, please contact:
Derwent London
Tel: +44 (0)20 7659 3000 Paul Williams, Chief Executive
Emily Prideaux, Head of Leasing
Quentin Freeman, Head of Investor
Relations
Brunswick Group (for Derwent London) Nina Coad
Tel: +44 (0)20 7404 5959 Emily Trapnell
Maitland / AMO (for Apollo Global Sam Turvey
Management) Finlay Donaldson
Tel: +44 (0)20 7379 5151
Notes to editors
Derwent London plc
Derwent London plc owns 84 buildings in a commercial real estate
portfolio predominantly in central London valued at GBP5.4 billion
(including joint ventures) as at 30 June 2019, making it the
largest London-focused real estate investment trust (REIT).
Our experienced team has a long track record of creating value
throughout the property cycle by regenerating our buildings via
development or refurbishment, effective asset management and
capital recycling.
We typically acquire central London properties off-market with
low capital values and modest rents in improving locations, most of
which are either in the West End or the Tech Belt. We capitalise on
the unique qualities of each of our properties - taking a fresh
approach to the regeneration of every building with a focus on
anticipating tenant requirements and an emphasis on design.
Reflecting and supporting our long-term success, the business
has a strong balance sheet with modest leverage, a robust income
stream and flexible financing.
As part of our commitment to lead the industry in mitigating
climate change, in October 2019, Derwent London became the first UK
REIT to sign a Green Revolving Credit Facility. At the same time,
we also launched our Green Finance Framework and signed the Better
Buildings Partnership's climate change commitment. The Group is a
member of the 'RE100' which recognises Derwent London as an
influential company, committed to 100% renewable power by
purchasing renewable energy, a key step in becoming a net zero
carbon business. Derwent London is one of only a few property
companies worldwide to have science-based carbon targets validated
by the Science Based Targets initiative (SBTi).
Landmark schemes in our 5.7 million sq ft portfolio include
Brunel Building W2, White Collar Factory EC1, Angel Building EC1,
1-2 Stephen Street W1, Horseferry House SW1 and Tea Building
E1.
In 2019 to date, the Group has won EG Offices Company of the
Year, the CoStar West End Deal of the Year for Brunel Building and
Westminster Business Council's Best Achievement in Sustainability
award. In 2013 the Company launched a voluntary Community Fund and
has to date supported 89 community projects in Fitzrovia and the
Tech Belt.
The Company is a public limited company, which is listed on the
London Stock Exchange and incorporated and domiciled in the UK. The
address of its registered office is 25 Savile Row, London, W1S
2ER.
For further information see www.derwentlondon.com or follow us
on Twitter at @derwentlondon
Forward-looking statements
This document contains certain forward-looking statements about
the future outlook of Derwent London. By their nature, any
statements about future outlook involve risk and uncertainty
because they relate to events and depend on circumstances that may
or may not occur in the future. Actual results, performance or
outcomes may differ materially from any results, performance or
outcomes expressed or implied by such forward-looking
statements.
No representation or warranty is given in relation to any
forward-looking statements made by Derwent London, including as to
their completeness or accuracy. Derwent London does not undertake
to update any forward-looking statements whether as a result of new
information, future events or otherwise. Nothing in this
announcement should be construed as a profit forecast.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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