REG - Derwent London PLC - Burberry extends commitment to Horseferry House

Derwent LondonAnnouncement

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RNS Number : 7070K  Derwent London PLC  09 December 2025

 

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

 Burberry extends commitment to Horseferry House SW1

Derwent London is pleased to announce that it has regeared its lease with
Burberry, the FTSE 100 British luxury brand, at Horseferry House SW1,
extending the lease term to 2043 and incorporating two new five-yearly fixed
uplifts.

Burberry's lease has been extended from 2038 to 2043 (without breaks),
increasing the unexpired term to an attractive 17.6 years. New fixed uplifts
replace the previous 2033 rent review and 2038 expiry, giving the Group
visibility on future income. Under IFRS, the fixed uplifts will be recognised
on a straight-line basis through the income statement, resulting in an
immediate increase in earnings of c.£0.9m pa.

Paul Williams, Chief Executive of Derwent London, said:

"We have a strong, long-standing relationship with Burberry, one of our
largest occupiers, who recently completed a comprehensive refit of Horseferry
House. I am pleased that we have agreed to extend their lease to 2043,
reflecting their long-term commitment to the building which serves as their
global HQ. Since the start of the year, we have completed regear and renewal
activity totalling £19.2m, averaging 5.1% above the previous rent."

 

For further information, please contact:

 Derwent London                             Paul Williams, Chief Executive

 Tel: +44 (0)20 3478 4217 (Robert Duncan)   Richard Dean, Director of Investment

                                            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 £5.2 billion as at 30 June 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 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.

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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