Derwent London has exchanged contracts to acquire two properties in London’s Knowledge Quarter, totaling 182,100 square feet for €253.2 million ($297.25 million).
The largest and highest sales priced property is 250 Euston Road NW1, which totals 165,900 square feet and sits on a 1.6-acre site. This freehold office building is let in its entirety to University College London Hospital on a lease expiring in 2039. The total consideration is €224 million ($263 million).
The second property acquisition is 171-174 Tottenham Court Road W1, a freehold office and retail building totaling 16,200 square feet. The sales price was €29.1 million ($34 million).
In addition, Derwent has signed a deal with Lazari Investments to establish a new 50-50 joint venture that is expected to acquire three properties already owned by them in Baker Street W1 totaling 122,200 square feet.
