Slaughter and May advised Derwent London plc on the refinancing of its £450m revolving credit facility

Slaughter and May advised Derwent London plc (“Derwent”) on the refinancing and extension of its £450m revolving credit facility, which was due to mature in October 2026.  The new four-year facility, with two one-year extension options, will be used for general corporate purposes, including for future funding of Derwent’s development pipeline and sustainability-led initiatives, and is provided by a syndicate of Derwent’s three relationship banks.

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 £5bn. 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.