Derwent London, a FTSE 250 property firm, let 23 properties in the first three months of the year, while 'very significant' planning consents were also achieved, including one on Oxford Street.
The 23 property lets are worth £8.0m per annum and cover more than 210,300 square feet (sq. ft) of floor space, while current projects total 45,300 sq. ft and planning consents are now held for 1.8m sq. ft of future projects.
The loan to value ratio was reduced from 32.0% to 30.6% during the quarter, while weighted average cost of debt was reduced to 4.71% on an IFRS (international financial reporting standards) basis and 4.44% on a cash basis.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
John Burns, Chief Executive Officer, said: "Robust lettings progress continued into the first quarter of 2012 with £6.8m of transactions, including the pre-letting of 1 Page Street to Burberry. The rental levels achieved endorse our positive rental growth expectations for 2012.
"A sizeable proportion of our tenant enquiries and completed lettings continues to come from the creative sectors. We have moved forward with our pipeline of current and future schemes and won further major planning consents."
The share price rose 0.34% to 1,752.00p by 08:53.
NR
-
Parental contributions to kids' university living costs could reach £14,000 a yearParents helping kids with university living costs face contributions of up to £14,000 per year, according to a report from HEPI and TechnologyOne.
-
Rightmove: property asking prices hit record highNews Rising demand for top of the ladder home is boosting asking prices, Rightmove research shows. Is now a good time to sell a property?
