THE LONDON TUNNELS PLC
("London Tunnels" or the "Company")
Next step in development of the Kingsway Tunnels with transfer of freehold
Update on equity financing
The London Tunnels Plc (Euronext: TLT), the Company founded to preserve and transform a former World War II tunnel complex (the Kingsway Exchange Tunnels, the "Tunnels") in the centre of London into a major tourist attraction, announces an update to the agreement it entered into with Exchange Tunnels Limited in 2023 to become the tenant of the Tunnels.
This agreement was conditional upon the transfer of the Tunnels to Exchange Tunnels Limited, for which Exchange Tunnels Limited had entered into a binding agreement with British Telecommunications plc. The London Tunnels has now been informed that the freehold acquisition has taken place in line with plan. The London Tunnels is pleased that this next step is taken, allowing it to advance with its strategic development.
It is expected that The London Tunnels will acquire the leasehold of the Tunnels by mid-2025, and a binding agreement for this acquisition is in place. The project had already secured unanimous planning approval from both the City of London (June 11, 2024) and Camden Council (July 11, 2024). With this, The London Tunnels remains on track to develop the Tunnels according to plan.
As part of its next phase, the Company plans to partner with strategic organisations to help bring the unique history to life. These partnerships will help leverage the vast underground space for art and cultural installations, attracting a wide and diverse audience.
The Company continues to raise equity financing to support the restoration and development of the Tunnels and has therefore appointed Oberon Capital to lead the equity raise, manage any roadshows, and engage with interested investors in the United Kingdom. To showcase the potential of this extraordinary site, exclusive preview visits to the Tunnels will be arranged in the coming weeks. Please click here to register your interest www.thelondontunnels.com . Professional and institutional investors can contact Oberon Capital on corporatesales@oberoninvestments.com
| The London Tunnels Angus Murray
|
Via Tavistock |
| Oberon Capital Corporate Broking: Adam Pollock / Mike Seabrook / Aimee McCusker Corporate Finance: Nick Lovering / Jessica Cave
|
+44 203 179 5300 corporatesales@oberoninvestments.com
|
| 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
|
About The London Tunnels
The Company was founded to preserve and transform the 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
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.