Derwent London completes divestments of London assets

Derwent London has completed its previously announced divestments of Horseferry House SW1 and 80–85 Tottenham Court Road W1, securing net proceeds of £160 mln (€188.8 mln).

Horseferry House, London

Horseferry House was acquired by an overseas investor for £131.8 mln (€155.5 mln)—or £129.3 mln (€152.6 mln) net of rental top-ups. The deal represents a 6.0% net yield for the buyer and generated an ungeared internal rate of return (IRR) of 8.4% across Derwent London’s 21-year ownership.

Meanwhile, 80–85 Tottenham Court Road was sold with vacant office possession to a private joint venture for £32.6 mln (€38.5 mln) before costs, translating to a capital value of £755 per square foot.

Additionally, the company has officially launched the sales campaign for 1 Page Street SW1. This follows the departure of Burberry and the start of interior strip-out works, with the property highlighting significant potential for residential conversion.

Paul Williams, chief executive of Derwent London, said: “Since the start of 2026, we have agreed or completed sales totalling £279 mln (€329.2 mln), making good progress towards our £400 mln (€472 mln) target for the year. Proceeds of £160 mln (€188.8 mln) have now been received, and 90 Whitfield Street W1 is on track for completion in August. We remain focused on redeploying receipts accretively and in line with our capital allocation framework.”