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Derwent London reports £48.5M London office sale in Q1 update

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Derwent London reports £48.5M London office sale in Q1 update

In its first-quarter business update, Derwent London PLC said it sold for £48.5 million the Porters North office building in London, which the real estate investment trust held in a 50/50 joint venture.

The fully leased 44,100-square-foot property was divested at a 5% premium to its December 2017 book value. The deal fetched £43.0 million after the deduction of rental top-ups, disposal costs and a capital contribution to the tenant, the company said in the filing.

Additionally, the REIT said its proposed final dividend for 2017 of 42.4 pence per share and a special dividend of 75.0 pence per share will be paid to shareholders June 8. The dividends have resulted in an adjustment to the conversion price of the company's £150 million 1.125% convertible bonds due July 2019 to £31.7764 per share from £32.7342 per share.