WELPUT, the specialist Central London real estate fund, has signed a new lease with the fund’s largest tenant, US-based Warner Bros Entertainment (“Warner”).
Warner is the sole occupant of 135,000 sq ft at 98 Theobalds Road, WC1 and has extended its occupation from 2019 to 2034. A new 15-year lease commencing from 2019 was agreed and as part of the transaction WELPUT will be jointly investing with the tenant in a refurbishment of the nine-storey property.
Jourdan Rajwan, Investment Manager at Schroder Real Estate, comments:
“Warner Bros Entertainment’s commitment until 2034 is in line with other large technology and media occupiers recently committing to London such as Apple, Facebook and Google, to reinforce London’s importance for international business. This transaction is a good example of WELPUT responding to ongoing occupier demand and delivering on its asset management objectives to enhance the portfolio’s defensive characteristics and deliver sustained returns for investors.”
Ker Gilchrist, Property Director at Grafton Advisors, adds:
“This recent leasing activity serves as evidence that carefully selected and actively managed properties in the right Central London locations continue to meet the appetite of the occupational market.”
WELPUT was established in 2001 to provide investors with an exposure to the central London office market. The manager of WELPUT is Schroder Property Managers (Jersey) Limited. Grafton Advisors is the Property Adviser to WELPUT. WELPUT was advised by Strutt & Parker, and CBRE acted for Warner.
