Derwent London - Major West End acquisition

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Slaughter and May is advising Derwent London plc on the acquisition of Central Cross, 18-30 Tottenham Court Road and 1-2 Stephen Street, London W1 for £146 million. The 251,000 sq. ft. property comprises offices, retail units and a cinema and has a rental income of £8.1 million per annum. The transaction involves the acquisition of units in a Jersey Property Unit Trust and will be financed from Derwent London's existing bank facilities.

The acquisition, which is due to complete on 10th August 2010, will be a major addition to Derwent London's central London portfolio and offers opportunities for refurbishment and enhancement in line with the group's core strategy.

Dundas & Wilson is acting for the sellers.

Commercial Real Estate: Jane Edwarde (partner), Simon Folley (associate); Corporate: Nilufer von Bismarck (partner), Stuart Burnett (associate); Tax: William Watson (partner), Karolina Zastawniak (associate)