REG - Derwent London PLC - Adobe lease extension and expansion

Derwent LondonAnnouncement

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RNS Number : 2427N  Derwent London PLC  18 June 2025

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

 Adobe expands and commits to long-term future at White Collar Factory

 

Derwent London is pleased to announce that it has completed a significant
lease extension and expansion with long-standing occupier Adobe at White
Collar Factory EC1.

Driven by its evolving workforce requirements, Adobe has expanded its
footprint by 25% to 67,000 sq ft, leasing an additional 13,400 sq ft. In
addition, Adobe has reaffirmed its long-term commitment to the building,
extending their occupation to 2038 (with a break in 2033). The overall rent
has increased to £4.5m, with the new rent agreed ahead of December 2024 ERV.

Adobe's decision demonstrates the value that occupiers place on high-quality
offices with amenities such as DL/Service at White Collar Factory, and the
importance of our DL/Lounges, with DL/28 located at our adjacent Featherstone
Building.

Paul Williams, Chief Executive of Derwent London, said:

"We are delighted that Adobe - a global leader in creativity and innovation -
has chosen to extend and expand its occupancy with us.  Their ongoing
commitment reflects the strength of our partnership and our ability to provide
flexible, design-led space which is adaptable to changing occupier needs. With
companies continuing to increase their office footprint, this deal further
highlights the quality of our portfolio as well as the buoyancy of London's
office market and its position as the HQ capital of Europe. We are proud to
support ambitious businesses like Adobe as they grow and succeed with us."

 

 

For further information, please contact:

 Derwent London                             Paul Williams, Chief Executive

 Tel: +44 (0)20 3478 4217 (Robert Duncan)   Emily Prideaux, 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 £5.0 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)

 

Forward-looking statements

This document contains certain forward-looking statements about the future
outlook of Derwent London. By their nature, any statements about future
outlook involve risk and uncertainty because they relate to events and depend
on circumstances that may or may not occur in the future. Actual results,
performance or outcomes may differ materially from any results, performance or
outcomes expressed or implied by such forward-looking statements.

No representation or warranty is given in relation to any forward-looking
statements made by Derwent London, including as to their completeness or
accuracy. Derwent London does not undertake to update any forward-looking
statements whether as a result of new information, future events or otherwise.
Nothing in this announcement should be construed as a profit forecast.

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