Derwent in expansive mood after £103m office sale

Derwent London has exchanged contracts on the £103m sale of the Buckley Building, EC1. The freehold of the 85,100 sq ft multilet office building, located on Clerkenwell Green, is being bought by a client of CBRE Global Investors. The sale price, after “rental top-ups and costs”, was 4.8% above the December 2018 book value. The transaction brings the developer’s total sales so far this year to nearly £200m. Chief executive Paul Williams said the firm is now well placed to make new acquisitions. "We always had a view that we would like to sell something like £200m this year to