£250m 7-year 5.25% unsecured bond issued and £175m convertible bonds repaid In June 2025, the Group issued £250m of 7-year unsecured bonds at 5.25% coupon (effective rate 5.338%), and repaid the £175m 1.5% unsecured convertible bonds at maturity. Also refinanced £450m RCF with new 4-year term to July 2029. Total refinancing activity of c.£700m strengthened the debt maturity profile.
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Lochfauld 100-acre 18.4MW solar park construction completed; energisation mid-2026 Construction and installation of solar panels at Lochfauld Solar Park in Scotland substantially completed in 2025. Expected to generate c.40% of London managed portfolio's electricity requirements once operational in H1 2026. Total development cost c.£16m. Yield on cost exceeds 9%.
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Primary: Circular economy and material reuse across development and refurbishment pipeline Derwent London formalised a circular economy strategy in partnership with Material Index, achieving c.500 tonnes of material donated or brokered since inception and an average 44% retention and on-site reuse rate across completed refurbishments. Network W1 was the Group's first whole-building redevelopment to use refurbished raised access flooring. At Holden House W1, 64% of temporary steel was reused and 95% of glass recovered for reprocessing. At 50 Baker Street, the Group is pioneering piece-wise reuse of existing concrete structure at the largest scale of its type in the UK.
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Decision taken NOT to expand upstream supply chain Scope 3 mapping The 2025 priority to 'Review and expand material Scope 3 inventory elements' was marked as not achieved. The decision was taken not to pursue further upstream supply chain carbon emissions mapping at this stage.
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CEO Paul Williams announces retirement; succession process underway Paul Williams announced his retirement as Chief Executive on 22 January 2026, after 38 years. He will remain in role until successor appointed. Nigel George also retiring as Executive Director on 31 March 2026. Comprehensive recruitment process for new CEO underway. The CEO chairs the Sustainability Committee and has overall ESG accountability.
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Primary: EPC upgrade programme ensuring portfolio compliance ahead of evolving MEES legislation Derwent London targets minimum EPC A for major new builds and EPC B for major refurbishments. As at year-end 2025, 72% of the portfolio (by ERV) is rated EPC A or B (up from 57% in 2023), with 23% rated A and 40% rated B. The Group has an estimated £73.7m of EPC upgrade capex remaining to bring the full commercial portfolio to EPC B standard by 2030, revised down from £97m in 2021 reflecting work completed, disposals and regulation changes. Of this, Knight Frank deducted £31m in the December 2025 valuation. Refurbishment activity explicitly includes EPC upgrade works aligned with lease expiries.
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PwC appointed as new non-financial assurance provider replacing Deloitte Following a competitive tender, PwC was appointed as non-financial assurance provider for sustainability and health & safety metrics. PwC provided limited assurance over selected climate and H&S KPIs under ISAE 3000 (Revised) and ISAE 3410. Previously Deloitte provided limited assurance for 2024. Same assurance level maintained.
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Forward-purchased carbon offset credits cover forecast embodied carbon emissions to 2030 Derwent London has forward-purchased c.195,600 tCO2e of carbon offset credits since 2020 for a combined consideration of c.£4.9m (average c.£25/tCO2e) to offset residual embodied carbon from regeneration activity it cannot eliminate. Credits are validated under robust schemes (VCS or ACR), working with Climate Impact Partners. In 2025, 27,315 tCO2e were retired, bringing cumulative offsets to c.100,945 tCO2e. The Group also progresses tree planting on Scottish land to develop owned carbon removal capacity, reducing future reliance on voluntary carbon markets. The cost of carbon in development appraisals is currently set at £34/tonne.
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Primary: Operational energy intensity reduction in managed portfolio Derwent London targets an annual reduction in energy intensity of 4% per year to achieve 123 kWh/sqm by 2030 (vs 2019 baseline of 166 kWh/sqm). In 2025, energy intensity fell 9% to 125 kWh/sqm — a 25% reduction vs 2019 baseline. Key actions included air source heat pump installations (Charlotte Building W1, 1-2 Stephen Street W1), removal of gas at 9-10 Rathbone Place W1, streamlined plant run-times, and out-of-hours usage monitoring. Gas fell from 37% of total energy in 2020 to 21% in 2025. 40% of managed portfolio buildings are now all-electric, up from 6% in 2020.
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Updated Net Zero Carbon Pathway published December 2025 Derwent London published an updated Net Zero Carbon Pathway in December 2025, introducing 'nature and resilience' as a fifth pillar. Near-term: 42% reduction in absolute Scope 1&2 by 2030 from 2022 baseline. Long-term: 90% reduction in Scope 1, 2&3 by 2040. Energy intensity target of 123 kWh/sqm by 2030.
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