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Updated Thursday, July 29, 2010 11:30 am TWN, Reuters

Derwent London seals first major buy since 2007 UK property slump

LONDON -- Derwent London has sealed its first major acquisition since the UK real estate bubble burst in 2007 by agreeing to buy a 23,300 square meter property in London's West End for around 146 million pounds (US$227 million). The real estate investor said it had exchanged contracts to purchase The Central Cross development at 18-30 Tottenham Court Road and 1-2 Stephen Street in a plan to bulk up on discounted London properties ripe for redevelopment or rental growth.

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