Business Update
12 August 2025

Derwent London announces that Nigel George, Executive Director, has informed the Board of his intention to retire and stand down from the Board on 31 March 2026. Nigel has been a Director of Derwent since 1998. 

Nigel will remain a full-time employee until August 2026 and following that we have asked Nigel to continue to support the business as a consultant working on a number of group projects until 2028.  

During Nigel's tenure at Derwent London, he has been integral to the Group's investment acquisitions and disposals. Nigel has been involved with many of Derwent's major transactions including being a leading member of the team that secured the merger with LMS in 2007.

While Nigel will continue to work closely with Derwent London, the Board wishes to extend its gratitude to him for his dedication and service in developing the Derwent London brand and its reputation.

Paul Williams, Chief Executive of Derwent London, said:

"It has been a privilege to work alongside Nigel for his 37 years at Derwent and, on behalf of my fellow directors, I wish to thank him for his considerable contribution to the business. During that time Nigel has played an important role in the growth and success of the company with deep knowledge of Derwent and the London property market."

Nigel George, Executive Director, said:

"I would like to thank Paul and my fellow Directors, as well as all the people of Derwent, for their long-term support and encouragement as we have built this great business together. Over this time London has continually evolved and so have we, giving rise to many value creating opportunities. I am pleased that I will remain involved with the company as a consultant and look forward to supporting delivery of some exciting projects during the remainder of my time at Derwent."

Information equivalent to that required under section 430(2B) of the UK Companies Act 2006 will be made available on the Company's website at the time Nigel George steps down from the Board and in the Company's 2025 Directors' Remuneration Report.

For further information, please contact:

Derwent London plc

Derwent London plc owns a commercial real estate portfolio predominantly in central London valued at £5.2 billion as at 30 June 2025, making it the largest London office-focused real estate investment trust (REIT).

Our experienced team has a long track record of creating value throughout the property cycle by regenerating our buildings via redevelopment or refurbishment, effective asset management and capital recycling. We typically acquire central London properties off-market with low capital values and modest rents in improving locations, most of which are either in the West End or City Borders. We capitalise on the unique qualities of each of our properties - taking a fresh approach to the regeneration of every building with a focus on anticipating tenant requirements and an emphasis on design. Reflecting and supporting our long-term success, the business has a strong balance sheet with modest leverage, a robust income stream and flexible financing.

We are frequently recognised in industry awards for the quality, design and innovation of our projects. Landmark buildings in our 5.3 million sq ft portfolio include 1 Soho Place W1, 80 Charlotte Street W1, Brunel Building W2, White Collar Factory EC1, Angel Building EC1, 1-2 Stephen Street W1 and Tea Building E1.

As part of our commitment to lead the industry in mitigating climate change, Derwent London has committed to becoming a net zero carbon business by 2030, publishing its pathway to achieving this goal in July 2020. Our science-based carbon targets validated by the Science Based Targets initiative (SBTi). In 2013 the Company launched a voluntary Community Fund which has to date supported 180 community projects in central London.

The Company is a public limited company, which is listed on the London Stock Exchange and incorporated and domiciled in the UK. The address of its registered office is 25 Savile Row, London, W1S 2ER.

For further information see www.derwentlondon.com or follow us on LinkedIn

This document contains certain forward-looking statements about the future outlook of Derwent London. By their nature, any statements about future outlook involve risk and uncertainty because they relate to events and depend on circumstances that may or may not occur in the future. Actual results, performance or outcomes may differ materially from any results, performance or outcomes expressed or implied by such forward-looking statements.

No representation or warranty is given in relation to any forward-looking statements made by Derwent London, including as to their completeness or accuracy. Derwent London does not undertake to update any forward-looking statements whether as a result of new information, future events or otherwise. Nothing in this announcement should be construed as a profit forecast.