INDUSTRY NEWS

Derwent snap up London office near Silicon Roundabout for £30m

Derwent London has bought another London office building near Silicon Roundabout for a reported £30m.

The central London focussed Real Estate Investment Trust (REIT) has purchased the building 1 Mark Square, near Old Street in the hope of capitalising on the growing demand from technology firms for office space in the area.

The building offers 61,000 sq ft of London office space in what many refer to as London’s ‘Tech Belt’ from Whitechapel to Kings Cross. The area has proved enormously popular with tech companies, and Internet giant Google has already begun with its plans move to the latter in a deal worth a reported £1bn.

The purchase comes shortly after the firm confirmed its interim results for 2013.

Derwent London chief executive officer, John Burns, said: “Derwent London has had an excellent first half. We secured a record level of lettings and rising rents at our brand of well-designed office space.

“We are seeing particular interest from the UK’s expanding creative industries and TMT companies, most notably in London’s ‘Tech Belt’.

“The success of our recent convertible bond issue reflects the market’s confidence in the Group’s strategy with our extensive project pipeline providing many opportunities for future value creation.”

Derwent London is a leading British-based property investment and development business. It is headquartered in London and is a constituent of the FTSE 250 Index.

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