Derwent London has placed a knockout bid to buy an office redevelopment opportunity in Islington.
The listed developer outgunned a pack of bidders for Angel Square, a trio of interconnecting buildings above Angel Underground station, N1.
CBRE was appointed to find a buyer for the 132,479 sq ft office complex on behalf of Berlinovo Immobilien for £52.5m – a 4.3% yield.
However, bids for the block exceeded £75m.
Derwent’s aggressive bid was aimed at increasing its ownership in the increasingly popular Angel office market.
The building is close to the firm’s 10-4 Pentonville Road scheme and the Angel Building.
However, in September this year Angel Building tenant Expedia began scouting for overflow options via Cushman & Wakefield to accommodate the company’s rapid expansion.
Sources said Expedia, which occupies 100,000 sq ft in London, could take more space at Angel Square.
