Derwent sells Burberry HQ to overseas buyer for PS132 million

Derwent London PLC on Wednesday said it has struck a deal to sell the Horseferry House asset in London.

The property in Westminster, to be sold to an ‘overseas investor’ for £131.8 million, serves as the headquarters of luxury goods firm Burberry Group PLC. The sale price is slightly below the December book value.

The property investor, with a commercial real estate portfolio, acquired Horseferry House in 2005 for £34 million.

‘Burberry’s lease was regeared, extending the term by five years to 2043 (no breaks) and incorporating two new five-yearly fixed uplifts in 2033 and 2038,’ Derwent said.

Derwent said it has now exchanged contracts on around £275 million sales since the start of the year. It is in talks for a further £100 million as part of its three-year disposals target of £1 billion.

Derwent shares rose 2.0% to 1,603.00 pence each in London on Wednesday morning.

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