LONDON (dpa-AFX) - Derwent London Plc (DLN.L) announced Monday that it has exchanged contracts to sell Bush House, South West Wing WC2, a 103,700 sq ft freehold office building.
The disposal price is 85 million pounds before costs, reflecting a premium to December 2021 book value.
The company noted that the building is being sold with vacant possession. The sale further reduces low loan-to-value ratio and provides additional funds to invest in the company's development pipeline.
Paul Williams, Chief Executive of Derwent London, said, 'The sale of Bush House has de-risked the refurbishment and resulted in the early crystallisation of our development return. As the flight to quality continues, we are focused on delivering our larger net zero carbon schemes at 25 Baker Street W1 and Network Building W1.'
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