REG - Derwent London PLC - Extension of £450m Revolving Credit Facility

Derwent LondonAnnouncement

25/07/2025 07:00

For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20250725:nRSY4904Sa&default-theme=true

RNS Number : 4904S  Derwent London PLC  25 July 2025

 Derwent London plc ("Derwent London" / "the Group")

 Extension of £450m Revolving Credit Facility

 

Derwent London is pleased to announce that it has extended its principal £450
million unsecured revolving credit facility ("RCF"), which was due to mature
in October 2026.

The facility extension has been signed with the Group's existing core
relationship banks, Barclays, HSBC and NatWest, and reflects the continued
strong support from these longstanding bank relationships.

It has been structured as an initial four-year term with two one-year
extension options. This provides continued access to flexible debt and extends
our weighted average duration of facilities.  The margin remains in line with
the previous terms, reflecting Derwent London's strong credit rating.

The new £450 million facility will be used for general corporate purposes and
will provide future funding for the Group's development pipeline and
sustainability-led initiatives.

The Group has also elected to cancel the two £32.5 million revolving credit
tranches that formed part of the bilateral facilities arranged with Barclays
in December 2024 and HSBC in February 2025.  The two £82.5 million term loan
components of these facilities remain in place.

This transaction follows the £250 million unsecured 7-year bonds issued in
June 2025.

 

 

 

 

For further information, please contact:

 Derwent London                         Damian Wisniewski, Chief Financial Officer

 Tel: +44 (0)20 7659 3079 (Jay Joshi)   Jay Joshi, Group Financial Controller

                                        Robert Duncan, Head of Investor Relations
 Brunswick Group                        Nina Coad

 Tel: +44 (0)20 7404 5959               Peter Hesse

 

Notes to editors

Derwent London plc

Derwent London plc owns a commercial real estate portfolio predominantly in
central London valued at £5.0 billion as at 31 December 2024, making it the
largest London office-focused real estate investment trust (REIT).

Our experienced team has a long track record of creating value throughout the
property cycle by regenerating our buildings via redevelopment or
refurbishment, effective asset management and capital recycling. We typically
acquire central London properties off-market with low capital values and
modest rents in improving locations, most of which are either in the West End
or City Borders. We capitalise on the unique qualities of each of our
properties - taking a fresh approach to the regeneration of every building
with a focus on anticipating tenant requirements and an emphasis on design.
Reflecting and supporting our long-term success, the business has a strong
balance sheet with modest leverage, a robust income stream and flexible
financing.

We are frequently recognised in industry awards for the quality, design and
innovation of our projects. Landmark buildings in our 5.4 million sq ft
portfolio include 1 Soho Place W1, 80 Charlotte Street W1, Brunel Building W2,
White Collar Factory EC1, Angel Building EC1, 1-2 Stephen Street W1 and Tea
Building E1.

As part of our commitment to lead the industry in mitigating climate change,
Derwent London has committed to becoming a net zero carbon business by 2030,
publishing its pathway to achieving this goal in July 2020. Our science-based
carbon targets validated by the Science Based Targets initiative (SBTi). In
2013 the Company launched a voluntary Community Fund which has to date
supported 180 community projects in central London.

The Company is a public limited company, which is listed on the London Stock
Exchange and incorporated and domiciled in the UK. The address of its
registered office is 25 Savile Row, London, W1S 2ER.

For further information see www.derwentlondon.com
(http://www.derwentlondon.com) or follow us on LinkedIn
(https://www.linkedin.com/company/derwentlondon/?viewAsMember=true)

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  MSCPKQBKPBKDPOB