Derwent London — full event log

On 22 January 2026, Paul Williams announced his retirement as Chief Executive and Director. He will remain in role until successor is appointed. Executive Director Nigel George also stepping down 31 March 2026.

sustainability_report p.10

Construction of c.100-acre, 18.4 MW solar park at Lochfauld site in Scotland is nearing completion with all PV panels installed. Energisation expected mid-2026. Expected to generate c.40% of London managed portfolio's electricity requirements.

sustainability_report p.49

Published updated Net Zero Carbon Pathway in December 2025, introducing 'nature and resilience' as a fifth pillar and adding longer-term targets including 90% absolute Scope 1, 2 and 3 GHG emissions reduction by 2040 from 2022 baseline. Near-term commitment to reduce absolute Scope 1 and 2 GHG emissions by 42% by 2030 from 2022 baseline.

sustainability_report p.97

The Government's 2025 carbon conversion factors were released in early July. Electricity factors are 15% lower compared to 2024 as further progress has been made decarbonising the UK's electricity grid. Applying these factors to 2025 consumption resulted in a 16% reduction in location-based operational GHG emissions.

sustainability_report p.51

The decision was taken not to pursue further upstream supply chain carbon emissions mapping at this stage, despite previously being a 2025 priority to review and expand material Scope 3 inventory elements.

sustainability_report p.29

Disposals in 2025 totalled £216.1m, including the sales of 4 & 10 Pentonville Road N1 and Francis House SW1 for a combined £80.1m, as well as £135.9m from trading disposals at 25 Baker Street W1. Group targeting £1bn of disposals over next three years.

sustainability_report p.12

Group set a target to sell £1bn of property over the next three years to provide capital for redeployment into accretive opportunities including selective regeneration projects, acquisitions and potential share buybacks.

sustainability_report p.18

In 2021 ~£97m of capex was identified to achieve EPC rating B across London commercial portfolio; revised to £86m to reflect change in building regulations, inflation, disposals, the acquisition of remaining 50% of 50 Baker Street W1, and works completed.

sustainability_report p.5

In 2024, Derwent updated methodology for reporting embodied carbon on major projects, now recognising it annually on a phased basis over the construction period rather than at project completion. This caused Scope 3 Cat 2 (Capital goods) to jump from 799 tCO2e in 2023 to 19,136 tCO2e in 2024 (+2,295%), driving total Scope 3 up 225% and total emissions up 108%.

sustainability_report p.23

New in 2024: where the Group does not exercise operational control over utilities (FRI portfolio, retail and residential units), a best estimate of c.7,700 tCO2e (2023: c.8,700 tCO2e) is calculated for completeness, though not included in the formal carbon disclosure.

sustainability_report p.7

In 2024, PricewaterhouseCoopers LLP was appointed to replace the previous assurance provider and provide independent reasonable assurance on green finance metrics under ISAE 3000 (Revised). Deloitte continues to provide limited assurance on environmental and H&S metrics.

sustainability_report p.30

In 2024, Derwent rolled out a new in-house developed environmental database, improving data automation, quality and timeliness across the managed portfolio.

sustainability_report p.4

In 2024, the Directors agreed to split RIDDORs reported into 'Direct' (where Derwent had/could have had influence) and 'Indirect' categories, improving granularity of H&S reporting.

sustainability_report p.26

In October 2024, the Group acquired the remaining 50% interest of the Derwent Lazari Baker Street Limited Partnership from Lazari Investments Limited. From this point forward, the results were consolidated into the results of the Group, affecting year-over-year comparability.

sustainability_report p.124

Near-term commitment to reduce absolute Scope 1 and 2 GHG emissions by 42% by 2030 (to 3,161 tCO2e) from a 2022 baseline, and to measure Scope 3 emissions. Long-term: reduce absolute Scope 1, 2 and 3 by 90% by 2040 from 2022 baseline. Company will start reporting on rebased SBTi-verified targets aligned to 1.5°C scenario.

sustainability_report p.12

Construction underway on a 100-acre, 18.4 MW solar park in Scotland (total cost c.£17m). On completion in 2026 expected to generate >40% of electricity needs of London managed portfolio.

sustainability_report p.12

Derwent will start reporting on rebased SBTi-verified targets aligned to a 1.5°C scenario, replacing prior pathway baseline references. Tightens scientific alignment.

sustainability_report p.13

Scope 1, 2 and 3 totals in 2024 subject to independent limited assurance by Deloitte LLP in accordance with ISAE 3000 (Revised) and ISAE 3410 standards.

sustainability_report p.12

Company undertook a double materiality assessment, disclosed in the Report & Accounts 2024 (pp 42-43), informing climate metrics and targets reporting going forward.

sustainability_report p.13

Scope 1 & 2 emissions increased 31% in 2023, principally driven by completion of two large developments (Soho Place W1, The Featherstone Building EC1, Francis House SW1 becoming operational mid-2022 with full year operation in 2023) and a 7% increase in UK grid carbon factor for electricity.

sustainability_report p.9

Targets set in 2023 under SBTi SME route, 1.5°C aligned: 42% reduction in absolute Scope 1 & 2 by 2030 (to 3,161 tCO2e) from 2022 base year; 90% reduction in absolute Scope 1, 2 & 3 by 2040 with commitment to reach net zero by 2040.

sustainability_report p.25

Group rebased its near-term science-based target to a 1.5°C climate scenario, updating from the previous 'well below 2°C' target. New target requires 42% reduction in absolute Scope 1 & 2 GHG emissions by 2030 from a 2022 baseline. Baseline year also changed from 2013 to 2022.

sustainability_report p.9

Long-term SBTi Net Zero target approved, complementing the rebased near-term target. Aspiration for investment portfolio to operate on net zero basis by 2030.

sustainability_report p.9

Scope 3 coverage increased to include Purchased goods and services (water consumption), Business travel and Employee commuting. 2022 Scope 3 figures restated to reflect this. Employee commuting newly added in 2023 via a survey with 91% response rate.

sustainability_report p.51

Energy intensity calculation methodology updated to more closely align floor areas with energy coverage. Combined with floor area reconciliation, increased reported 2022 energy intensity by 15% (from 123 to 142 kWh/m²). Prior year energy intensity figures restated but not assured.

sustainability_report p.51

Produced first report under the Sustainability Accounting Standards Board (SASB) Real Estate Standard, broadening reporting scope.

sustainability_report p.17

2022 figures across Scope 1, 2 and 3 emissions, energy consumption, water and energy intensity were restated. Reasons include a new utility broker identifying additional energy supplies (increasing 2022 energy by ~5%), one incorrect gas meter reading, an incorrect water meter at 230 Blackfriars Road (reducing water by ~7%), comprehensive floor area reconciliation, and Scope 3 coverage expansion.

sustainability_report p.51

Energy/emissions reductions from increased occupation were partially offset by disposal of Angel Square and demolition of existing buildings at 19-35 Baker Street development site, affecting period-over-period comparability.

sustainability_report p.6

Existing science-based targets aligned with 2°C scenario; company is reviewing them to align with 1.5°C climate warming scenario, indicating a tightening of the goal.

sustainability_report p.24

In 2021 expanded SECR reporting to provide more detailed perspective on carbon emissions and energy not directly controlled (occupier consumption and downstream leased assets).

sustainability_report p.25

Public Reasonable Assurance (ISAE 3000) provided by Deloitte LLP over all Scope 1, 2 and 3 GHG emissions, intensity ratio and energy data.

sustainability_report p.26

23% reduction in total energy consumption and 32% reduction in carbon emissions across managed portfolio attributed largely to lower occupancy due to COVID-19 lockdowns. Also required increased fresh air intake (100%) which partially offset reductions.

sustainability_report p.4

Methodology for determining the like-for-like portfolio adjusted to increase comparability of year-on-year reporting; 2019 data restated.

sustainability_report p.118

Mandated minimum NABERS UK 4-star rating for all new developments and major refurbishments, plus all-electric heating/cooling requirement.

sustainability_report p.13

Acquired Blue Star House in Brixton, beginning new community engagement journey with broader stakeholder group.

sustainability_report p.52

In July 2020 Derwent London published its detailed Net Zero Carbon Pathway, becoming the first UK REIT to do so. Committed to becoming a net zero carbon business by 2030, covering operational and embodied carbon.

sustainability_report p.2

In 2020 Derwent published its Net Zero Carbon Pathway aligned to the Better Building Partnership Climate Change Commitment, committing to be a net zero carbon business by 2030. An updated pathway is expected in 2025.

sustainability_report p.12

Derwent London published its Net Zero Carbon Pathway in 2020, committing to operate the investment portfolio (including managed and unmanaged properties) on a net zero carbon basis by 2030. First UK REIT to publish such a pathway.

sustainability_report p.3

Existing science-based targets aligned to 2°C scenario (55% reduction in Scope 1+2 by 2027 from 2013 baseline). Company stated intention to rebase to 1.5°C scenario aligned with net zero by 2030 ambition.

sustainability_report p.78

Appointed Natural Capital Partners and offset 19,790 tCO2e residual embodied carbon from 80 Charlotte Street development via East Africa community reforestation project (VCS and CCB validated).

sustainability_report p.17

Science-based targets validated by SBTi in 2019: 55% reduction in Scope 1&2 GHG/m2 by 2027 from 2013 base year, and 20% reduction in Scope 3/m2 by 2027 from 2017 base year.

sustainability_report p.24

In 2019 SBTi validation completed including new Scope 3 target: reduce Scope 3 GHG emissions 20% per square metre by 2027 from 2017 base year.

sustainability_report p.78