The London Tunnels takes next step in development with leasehold of the Kingsway Exchange Tunnels
The London Tunnels PLC (the “Company”) announces it has acquired the leasehold title to the Kingsway Exchange Tunnels and two surface level entrance buildings. With this acquisition, the Company has taken a major step towards the development of a former World War II tunnel complex in the centre of London into a tourist attraction.
The Company’s business plan and strategic objective is to restore, renovate and develop the Kingsway Exchange Tunnels to create a major new visitor attraction in central London. On 10 July 2023, the Company, as tenant, entered into an agreement for lease between Exchange Tunnels Limited (“ETL”), as landlord, in respect of the tunnels, together with two surface level entrance buildings at 31-33 High Holborn and 38-39 Furnival Street in central London (together, the “Tunnels”) under which the Company was granted a 100-year leasehold of the Tunnels conditional on the transfer of the Tunnels to ETL. On 29 November 2024, ETL acquired the freehold from British Telecommunications plc, and today the Company acquired the leasehold from ETL. The necessary planning permission for development has been received.
The term of the lease was extended to 125 years and marks a significant milestone in the Company’s journey to transform the Tunnels into a major tourist attraction targeting up to 3 million visitors per year, offering a combination of historical heritage experiences and a cultural, multi-sensory, digital experience all within the permitted planning use.
The lease is a UK standard lease, it is fully repairing (i.e. the Company is responsible for the cost of all the repairs and upkeep of the property), includes no break clauses and is protected under the Landlord and Tenant Act 1954. There are no restrictions on planning applications.
In accordance with the relevant provisions under Regulation (EU) 2017/1129, as amended (the “Prospectus Regulation”), the Company will publish a supplement to the prospectus dated 24 June 2024, as previously supplemented by supplements dated 2 August 2024, 23 September 2024, 11 December 2024, 29 January 2025 and 17 February 2025, regarding the acquisition of the leasehold.
ABOUT THE LONDON TUNNELS
The Company was founded to preserve and transform the Kingsway Exchange Tunnels, built as part of the United Kingdom government’s strategy to protect its citizens from bombing during what became known as the London Blitz, into a major tourist attraction targeting up to 3 million visitors per year. The mile-long series of tunnels have been kept secret for nearly 70 years. Right in the centre of the London, one of the most visited cities in the world, the tunnels are envisaged to become the capital’s most spectacular underground tourist attraction, offering a combination of historical heritage experiences and a cultural, multi-sensory, digital experience. The Company is listed on Euronext Amsterdam under the ticker symbol TLT. For more information, please see: www.thelondontunnels.com
31 March 2025
FOR MORE INFORMATION
CFF Communications
Uneke Dekkers
uneke.dekkers@cffcommunications.nl
+31(0)650261626
Tavistock (UK enquiries)
Jos Simson / Rebecca Hislaire
thelondontunnels@tavistock.co.uk
+44 (0) 20 7920 3150
IMPORTANT NOTICE
This announcement is not for release, publication or distribution in whole or part, directly or indirectly, in or into the United States, Australia, Canada, South Africa, New Zealand or Japan or any other jurisdiction where such distribution would be unlawful. This announcement does not constitute a prospectus or form part of any offer to sell, or any invitation or solicitation of an offer to buy, Ordinary Shares to any person in any jurisdiction to whom or in which such offer or solicitation is unlawful, including the United States (including its territories or possessions or any State of the United States and the District of Columbia (the “United States”), Australia, Canada, South Africa, New Zealand or Japan.
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This announcement may include statements that are, or may be deemed to be, “forward-looking statements” including its financial targets and objectives relating to the business, financial performance, results of operations, financial condition, liquidity, prospects, growth and strategies and results of the Company and industry in which it operates. These forward-looking statements may be identified by the use of forward-looking terminology, including the terms “believes”, “estimates”, “plans”, “projects”, “targets”, “anticipates”, “expects”, “intends”, “may”, “will”, “forecast” or “should” or, in each case, their negative or other variations or comparable terminology, or by discussions of strategy, plans, objectives, goals, future events or intentions. Forward-looking statements may and often do differ materially from actual results. No representation is made that any of these statements or forecasts will come to pass or that any forecast results will be achieved. Any forward-looking statements reflect the Company’s current view with respect to future events and are subject to risks relating to future events and other risks, uncertainties and assumptions relating to the Company’s business, results of operations, financial position, liquidity, prospects, growth and strategies. Forward-looking statements speak only as of the date they are made.
