Derwent Valley Managing Director John Burns said: "This acquisition represents a rare opportunity to acquire a highly reversionary portfolio of income producing properties, with numerous lease management opportunities. We expect to sell a number of the smaller properties and concentrate on those buildings with the greatest scope for active management."
Gerald Eve and Richard Susskind & Co. acted for Derwent Valley, while Atis Real Weatheralls represented Islington.The deal came as Derwent Valley announced its first fall in net asset value for a decade. The slump in occupier demand in the key West End market meant NAV declined 3.7% from 1020p at the end of 2001 to 982p at 31st December 2001.
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