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Derwent extends Burberry lease at Horseferry House
(Sharecast News) - Derwent London announced the extension of Burberry's lease at Horseferry House in Westminster on Tuesday, reinforcing the luxury fashion group's long-term commitment to its global headquarters. The FTSE 100 landlord said the deal pushed the lease expiry out from 2038 to 2043 with no break options, increasing the unexpired term to 17.6 years.
It said the revised agreement incorporated two new five-yearly fixed rent uplifts, replacing the previous 2033 rent review and 2038 expiry.
Derwent said the change provided greater visibility on future income streams and would generate an immediate earnings increase of about £0.9m per year under IFRS accounting due to the straight-line recognition of the uplifts
"We have a strong, long-standing relationship with Burberry, one of our largest occupiers, who recently completed a comprehensive refit of Horseferry House," said Paul Williams, chief executive of Derwent London.
"I am pleased that we have agreed to extend their lease to 2043, reflecting their long-term commitment to the building which serves as their global HQ.
"Since the start of the year, we have completed regear and renewal activity totalling £19.2m, averaging 5.1% above the previous rent."
At 0830 GMT, shares in Derwent London were flat at 1,616p.
Reporting by Josh White for Sharecast.com.
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