Corporate landmark Angel Square sold for close to £100m
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An Islington corporate landmark has been sold for close to £100million with the proceeds being invested in projects in other parts of London.
Landlord Derwent London said it had sold the 126,200 square-foot office space Angel Square to property investor Tishman Speyer.
The site occupies three buildings around a courtyard and the sale has opened the opportunity for future development of the site from scratch.
The deal was completed for £86.5million.
A spokesperson for Derwent London said: “(We) have been looking at options for the future of the building, including refurbishment and sale.
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“We believe we have been offered a good price for this particular building demonstrating the strength of the investment market.
“We (will) continue to invest capital into our portfolio.”
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Lockdowns pushed many workers away from offices and the future of the London corporate property market has been debated.
But Derwent London said that they “remain confident in the London office market”.
With proceeds from the Angel Square sale going to developments in Baker Street and Tottenham Court Road, Derwent London stressed their continued involvement in Islington.
The spokesman added: “We will still have around £1.5bn of property in Islington including our development of The Featherstone Building EC1, which completes in 2022.”