Derwent London has exchanged contracts to sell its 126,200ft² freehold interest in Angel Square, Islington to Tishman Speyer. The sale price is €100.2m (£86.5m) before costs. Angel Square consists of three multi-let connected buildings around a central courtyard and was acquired in November 2014. Following a light touch refurbishment, the bulk of the property was let to Expedia (67,500ft²) and The Office Group (40,700ft²). The property will become vacant following the sale.
Paul Williams, Chief Executive of Derwent London, said: “This disposal reflects the strength of investment demand for central London office properties. Proceeds will be reinvested into our high-quality development programme. This will soon be expanded to include 19-35 Baker Street W1 and the now consented Network Building W1, which together total over 400,000ft². The former is due to commence in the next few months and the latter in 2022.”
Bernard Penaud, Head of Europe for Tishman Speyer, said: "We’re delighted to have acquired Angel Square, to open a new phase of investment for us in the London market. With the current leases reaching expiry, we will use the opportunity to undertake a significant refurbishment consistent with our strategy of creating state-of-the-art, premium-quality office environments in prime locations in Europe's major cities.