REG - Derwent London PLC - Network building fully pre-let

Derwent LondonAnnouncement

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RNS Number : 6416W  Derwent London PLC  16 March 2026

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

 Network building fully pre-let

Derwent London is pleased to announce that it has pre-let the entire 136,300
sq ft of offices at Network W1 to Databricks, a data and AI company, on a
15-year lease with a break at year 10. The annual rent is £14.1m.

The London office market is entering a period of very low new supply while
demand remains robust, sector diverse and focused on the right space in
well-connected locations, supporting the strong rental growth outlook. Network
provides amenity-rich, adaptable and sustainable space which meets the
requirements of modern occupiers.

Paul Williams, Chief Executive of Derwent London, said:

"We are delighted to have pre-let all of the offices at Network W1 to
Databricks shortly before completion at a rent which reflects the quality of
the space we are delivering. This maintains our long and successful
pre-letting track record. Momentum is strong across the business and since the
start of 2026, we have now agreed lettings totalling £15.7m of rent with
lease renewals and regears adding a further £2.1m. In addition, we have
£4.3m of transactions under offer."

For further information, please contact:

 Derwent London                             Paul Williams, Chief Executive

 Tel: +44 (0)20 3478 4217 (Robert Duncan)   Emily Prideuax, Executive Director

                                            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 £5.1 billion as at 31 December 2025, 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 5.3 million sq ft
portfolio include 25 Baker Street W1, 1 Soho Place W1, 80 Charlotte Street W1,
Brunel Building W2, White Collar Factory EC1, Angel Building EC1 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 2020. Our science-based
carbon targets have been validated by the Science Based Targets initiative
(SBTi). In 2013, we launched a voluntary Community Fund which to date has
supported 200 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.

Forward-looking statements

This document contains certain forward-looking statements about the future
outlook of Derwent London. By their nature, any forward-looking statements
involve risk beyond the control of the management of Derwent London and may be
subject to significant business, economic or competitive uncertainties,
assumptions and contingencies or subjective judgments, including because they
relate to events and depend on circumstances that may or may not occur in the
future. These assumptions and judgments may or may not prove to be correct and
actual results, performance or outcomes may differ materially from any
results, performance or outcomes expressed or implied by such forward-looking
statements. Any forward-looking statements have not been independently
audited, examined or otherwise reviewed or verified.

No responsibility or liability is or will be accepted and no representation or
warranty is or is authorised to be given in relation to any forward-looking
statements made by Derwent London, including as to their completeness,
reliability, reasonableness or accuracy, or of any assumption or estimate on
the basis of which they have been given. This document speaks as of the date
hereof. Derwent London does not undertake to provide access to any additional
information or to update any forward-looking statements whether as a result of
new information, to reflect future events or circumstances that arise after
the date of this document, to correct any inaccuracies in this document which
may become apparent or otherwise. Nothing in this announcement should be
construed as a profit forecast.

 

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