RCS - London Tunnels PLC - Transfer of freehold and equity financing update
03/02/2025 08:15
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RNS Number : 5065V London Tunnels PLC (The) 03 February 2025
THE LONDON TUNNELS PLC
("London Tunnels" or the "Company")
Next step in development of the Kingsway Tunnels with transfer of freehold
Update on equity financing
The London Tunnels Plc (Euronext: TLT), the Company founded to preserve and
transform a former World War II tunnel complex (the Kingsway Exchange Tunnels,
the "Tunnels") in the centre of London into a major tourist attraction,
announces an update to the agreement it entered into with Exchange Tunnels
Limited in 2023 to become the tenant of the Tunnels.
This agreement was conditional upon the transfer of the Tunnels to Exchange
Tunnels Limited, for which Exchange Tunnels Limited had entered into a binding
agreement with British Telecommunications plc. The London Tunnels has now been
informed that the freehold acquisition has taken place in line with plan. The
London Tunnels is pleased that this next step is taken, allowing it to advance
with its strategic development.
It is expected that The London Tunnels will acquire the leasehold of the
Tunnels by mid-2025, and a binding agreement for this acquisition is in place.
The project had already secured unanimous planning approval from both the City
of London (June 11, 2024) and Camden Council (July 11, 2024). With this, The
London Tunnels remains on track to develop the Tunnels according to plan.
As part of its next phase, the Company plans to partner with strategic
organisations to help bring the unique history to life. These partnerships
will help leverage the vast underground space for art and cultural
installations, attracting a wide and diverse audience.
The Company continues to raise equity financing to support the restoration and
development of the Tunnels and has therefore appointed Oberon Capital to lead
the equity raise, manage any roadshows, and engage with interested investors
in the United Kingdom. To showcase the potential of this extraordinary site,
exclusive preview visits to the Tunnels will be arranged in the coming weeks.
Please click here to register your interest www.thelondontunnels.com .
Professional and institutional investors can contact Oberon Capital on
corporatesales@oberoninvestments.com
The London Tunnels Via Tavistock
Angus Murray
Oberon Capital +44 203 179 5300
Corporate Broking: Adam Pollock / Mike Seabrook / Aimee McCusker corporatesales@oberoninvestments.com
Corporate Finance: Nick Lovering / Jessica Cave
CFF Communications uneke.dekkers@cffcommunications.nl
Uneke Dekkers +31(0)650261626
Tavistock (UK enquiries) thelondontunnels@tavistock.co.uk
Jos Simson / Rebecca Hislaire +44 (0) 20 7920 3150
About The London Tunnels
The Company was founded to preserve and transform the Tunnels, built as part
of the United Kingdom government's strategy to protect its citizens from
bombing during what became known as the London Blitz, into a major tourist
attraction targeting up to 3 million visitors per year. The mile- long series
of tunnels have been kept secret for nearly 70 years. Right in the centre of
the London, one of the most visited cities in the world, the Tunnels are
envisaged to become the capital's most spectacular underground tourist
attraction, offering a combination of historical heritage experiences and a
cultural, multi-sensory, digital experience. The Company is listed on Euronext
Amsterdam under the ticker symbol TLT. For more information, please see:
www.thelondontunnels.com
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