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Transactions - JULY 20, 2021

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Tishman Speyer sells London asset for €100m

by Andrea Zander

Derwent London has exchanged contracts to sell its 126,200-square-foot freehold interest in Angel Square, located in Islington, London, to Tishman Speyer. The sales price is £86.5 million (€100.2 million/$117.9 million) before costs. Angel Square consists of three multitenant connected buildings around a central courtyard and was acquired in November 2014. Following a light touch refurbishment, the bulk of the property was leased to Expedia (67,500 square feet) and The Office Group (40,700 square feet). The property will become vacant following the sale.

Paul Williams, chief executive of Derwent London, said, “This disposal reflects the strength of investment demand for central London office properties. Proceeds will be reinvested into our high-quality development program. This will soon be expanded to include 19–35 Baker Street W1 and the now consented Network Building W1, which together total over 400,000 square feet. The former is due to commence in the next few mon

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