REG - Derwent London PLC - Transaction in Own Shares

Derwent LondonAnnouncement

Mon 07:00

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RNS Number : 5913E  Derwent London PLC  18 May 2026

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

 Commencement of non-discretionary £50m share buyback programme

Derwent London confirms that, as announced in the Q1 2026 Business Update on
12 May 2026, the Board has approved the return of up to £50 million
(excluding expenses) of surplus capital to shareholders by way of a share
buyback programme of the Company's ordinary shares of 5 pence each (the
'Buyback Programme').

The Company has entered into non-discretionary arrangements with UBS AG London
Branch ("UBS") and Barclays Bank PLC, acting through its investment bank
("Barclays"), to conduct the Buyback Programme on its behalf. The Buyback
Programme will be split into two tranches. The first tranche of the Buyback
Programme will be of an amount of up to £25 million (excluding expenses) to
be conducted by UBS(1). The second tranche will be of an amount of up to £25
million (excluding expenses) to be conducted by Barclays immediately following
completion of the first tranche. Share purchases will be made by UBS and
Barclays acting as riskless principals and shall be made independently of and
uninfluenced by the Company within certain pre-set parameters.

The sole purpose of the Buyback Programme is to reduce the Company's issued
share capital. As such, the Company intends to cancel the repurchased ordinary
shares. The Company has agreed that the Buyback Programme will commence on 18
May 2026 and will run until the earlier of its completion or 30 September
2026.

Share purchases under the Buyback Programme will be carried out on the London
Stock Exchange and/or other recognised investment exchanges(2) in open market
transactions and may be made from time to time depending on market conditions,
share price and trading volumes, and will be subject to the terms of the
Company's arrangements with UBS and Barclays. The Buyback Programme will be
effected under the authority received from shareholders at the Company's 2026
Annual General Meeting held on 15 May 2026. Accordingly, the maximum number of
shares that may be repurchased under the Buyback Programme is 11,229,093
ordinary shares.

The Buyback Programme will be conducted in accordance with the UK Market Abuse
Regulation and the UK Listing Rules. The Company will make announcements and
publish on its website details of share purchases under the Buyback Programme.

(1) The first tranche will run until no later than 31 July 2026.

(2) BATS, Chi-X and Aquis Stock Exchange.

 

 

For further information, please contact:

 Derwent London             Paul Williams, Chief Executive

 Tel: +44 (0)20 3478 4217   Damian Wisniewski, Chief Financial Officer

                            Robert Duncan, Head of Investor Relations
 Brunswick Group            Nina Coad

 Tel: +44 (0)20 7404 5959   Aoife Godfrey

Notes to editors

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,
with its updated pathway published in 2025. 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.

 

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