Derwent London plans to sell off £150 mln (EUR 221 mln) of property as the newly merged company adjusts its portfolio to focus exclusively on the UK capital. Chairman Robert Rayne explained to the annual shareholders meeting on Wednesday that the majority of the non-core assets will be sold after the company converts to real estate investment trust (REIT) status on 1 July in order to benefit from the saving of capital gains tax that the REIT structure offers. 'A number of further sales are now at an advanced stage and marketing of our substantial residential site at Greenwich has commenced,' Rayne said.
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