# Derwent London plc Sells off 40 Chancery Lane to Deka Immobilien for £121.3m

- Link: https://www.directorstalkinterviews.com/derwent-london-plc-sells-off-40-chancery-lane-to-deka-immobilien-for-121-3m/412801662
- Published: 2019-12-23T07:31:25+00:00
- Author: Giles Arbor

**Derwent London** (LON: DLN) has announced it has exchanged contracts to sell its
long leasehold interest in 40 Chancery Lane WC2 to Deka Immobilien for a headline
price of £121.3m. The 103,700 sq ft office and retail building is let to Publicis
Groupe until July 2035, with a tenant break in July 2033, at a net income of £5.5m
per annum. The sale price represents a net yield to the purchaser of 4.25%. The 
disposal price net of rental top-ups and costs is 3.8% above June 2019 book value.

40 Chancery Lane, designed by Bennetts Associates, provides eight floors of high
quality offices, a retail unit of 4,400 sq ft and a new public courtyard that brings
additional daylight into the office floors. The development was completed in 2015.

> **Paul Williams, Chief Executive at Derwent London, said:**
> “The disposal of 40 Chancery Lane typifies Derwent London’s strategy of recycling
> mature assets. The proceeds will be reinvested into our substantial development
> programme as well as providing more headroom for new acquisitions and future pipeline
> projects.”

Share on: