Derwent reports robust letting in first quarter

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.

Try 6 free issues of MoneyWeek today

Get unparalleled financial insight, analysis and expert opinion you can profit from.

Start your trial

Sign up for MoneyWeek’s free twice-daily newsletter.

Join more than 165,000 subscribers and keep yourself informed with latest financial news, insights and expert analysis to help you understand what really matters when it comes to your finances.

Join more than 165,000 subscribers and keep yourself informed with latest financial news, insights and expert analysis to help you understand what really matters when it comes to your finances.

Sign up

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