TIDMDLN
RNS Number : 3531H
Derwent London PLC
03 December 2020
Derwent London plc ("Derwent London" / "the Group")
TRANSFERWISE PICKS TEA BUILDING FOR ITS FURTHER EXPANSION
Derwent London is pleased to announce that TransferWise has
agreed to extend and expand its occupation at the iconic Tea
Building in Shoreditch E1.
TransferWise currently occupies 31,700 sq ft on a lease due to
expire in December 2023 with a tenant break in May 2021 and has
committed to a new five-year lease on 48,950 sq ft, an increase of
54%. The new rent is in line with the passing rent and ERV. There
is an overall rental incentive equivalent to an 11-month rent-free
period.
This is a further expansion of this very successful innovative
business having moved to 24,300 sq ft in the building in 2016 and
reflects a longstanding relationship between the parties.
Once occupied by the Lipton Tea factory, the Tea Building was
originally a block of early twentieth century warehouses. These
have been creatively refurbished to provide a number of high
quality open spaces allowing businesses to stamp their own
distinctive mark on each unit. Rolling refurbishments, including
our Green Tea sustainability initiative that now covers 72% of the
offices, have upgraded the space and we have recently enhanced the
entrance creating additional amenities.
Paul Williams, Chief Executive of Derwent London, said:
"We pride ourselves in our long-term customer relationships and
are delighted that we have been able to accommodate TransferWise in
their extraordinary business development. The Tea Building has also
had a remarkable journey from a spartan warehouse to a thriving
Shoreditch hub, and one that continues with the recently remodelled
entrances and our ongoing Green Tea environmental initiatives."
Darren Graver, Office Expansions Lead at TransferWise, said:
"TransferWise is continuing to grow, and making sure we have the
right space for our people is crucial for our future plans. As many
people mix working from home, the office, and remotely, we know
just how important flexibility is to our team. Following internal
workplace surveys and focus groups, we learned that our people
wanted a hybrid working model that caters to that as well as it
can. By expanding our office space, and offering more flexibility
for our teams to work however and wherever suits them best, we can
ensure we're equipped for the future of work."
For further information, please contact:
Derwent London Paul Williams, Chief Executive
Tel: +44 (0)20 7659 3000 Emily Prideaux, Director of Leasing
Quentin Freeman, Head of Investor
Relations
Brunswick Group Nina Coad
Tel: +44 (0)20 7404 5959 Emily Trapnell
Notes to editors
Derwent London plc
Derwent London plc owns 83 buildings in a commercial real estate
portfolio predominantly in central London valued at GBP5.4 billion
(including joint ventures) as at 30 June 2020, 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 5.6 million sq ft portfolio include 80
Charlotte Street W1, Brunel Building W2, White Collar Factory EC1,
Angel Building EC1, 1-2 Stephen Street W1, Horseferry House SW1 and
Tea Building E1.
In 2020 the Group has won several awards for Brunel Building
with the most prominent being the BCO Best Commercial Workplace
award. In 2019 the Group won EG Offices Company of the Year, the
CoStar West End Deal of the Year for Brunel Building, Westminster
Business Council's Best Achievement in Sustainability award and
topped the real estate sector and was placed ninth overall in the
Management Today 2019 awards for 'Britain's Most Admired
Companies'. In 2013 the Company launched a voluntary Community Fund
and has to date supported over 100 community projects in the West
End 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
About TransferWise
TransferWise is a global technology company that's building the
best way to move money around the world. Whether you're sending
money to another country, spending money abroad, or making and
receiving international business payments, TransferWise is on a
mission to make your life easier and save you money.
Co-founded by Taavet Hinrikus and Kristo Käärmann, TransferWise
launched in 2011. It is one of the world's fastest growing tech
firms having raised over $1 billion in primary and secondary
transactions from investors such as D1 Capital Partners, Lead Edge,
Lone Pine, Vitruvian, IVP, Merian Chrysalis Investment Company Ltd,
Andreessen Horowitz, Sir Richard Branson, Valar Ventures and Max
Levchin from PayPal.
Nine million people use TransferWise, which processes over $5
billion in cross-border payments every month, saving customers over
$1 billion a year.
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.
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END
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