Slaughter and May advised Derwent London plc (“Derwent”) on the issue of £250 million 5.25% notes due May 2032. The net proceeds of the notes will be used for the general corporate purposes of the Group, including the refinancing of existing debt. The notes are unsecured, contain financial covenants and are rated A- by Fitch Ratings Ltd.
Derwent is one of the UK’s leading real estate investment trusts (REITs), and as at 31 December 2024, owned a portfolio of approximately 5.4million sqft of commercial real estate, predominantly in central London, valued at around £5.0 billion. Derwent specialises in the development and refurbishment of office properties, with a strong focus on design-led, sustainable buildings in key locations such as Fitzrovia, Soho, and Clerkenwell.
Barclays Bank PLC, HSBC Bank plc, and NatWest Markets Plc acted as Joint Lead Managers for the issuance of the notes and Wells Fargo Securities acted as Manager and Passive Bookrunner.