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One of London’s largest real estate investment trusts will buy two new buildings in the West End.
Derwent has announced that it is to buy 1 Page Street in Victoria for GBP 45 million and the Network Building in Tottenham Court Road in Fitzrovia for GBP 31 million.
The property on Page Street is ten stories high and has 118,000 square feet of office space and the Network Building is seven stories and has 64,000 square feet of office space.
John Burns, CEO at Derwent London, commented: “These two exciting acquisitions are in line with Derwent London’s strategy to invest in central London property with significant potential for regeneration. Page Street represents an opportunity to purchase an immediate refurbishment project and deliver our distinctive brand of high quality office space into a tight West End market.
“The Network Building provides an excellent addition to our 1.5 million sq ft Fitzrovia Estate with good initial income and asset management opportunities.”
In 2010 Derwent recorded a 16 percent rise in the value of its portfolio, taking it up to GBP 2.4 billion. This has been seen as a symptom of the UK economic rebound.
In the last three months the UK economy has expanded by 0.2 percent, according to the National Institute of Economic and Social Research (NIESR).
“Most of the effects of the adverse weather in December should have been unwound in the most recent data. (But) the underlying quarterly growth rate of the economy remains below its trend and the output gap is likely to be widening,” NIESR said.
Manufacturing in the UK has grown significantly of late. In January it grew at its fastest annual rate in the last 16 years. However with manufacturing making up less than 13 percent of Britain’s GDP, its success does not necessarily herald a growing economy.