Derwent London PLC H2 2023 LETTING UPDATE (8622I)
10 Agosto 2023 - 1:01AM
UK Regulatory
TIDMDLN
RNS Number : 8622I
Derwent London PLC
10 August 2023
10 August 2023
Derwent London plc ("Derwent London" / "the Group")
H2 2023 LETTING UPDATE
Derwent London is pleased to announce that it has signed new
leases totalling GBP7.0m since 30 June 2023. Activity includes
securing the second major pre-let at 25 Baker Street W1 and the
fourth office occupier at The Featherstone Building EC1. This takes
letting activity in the year to date to GBP26.3m.
Key transactions
-- Moelis & Company has pre-let c.50,000 sq ft at 25 Baker
Street for a term of 15 years, with a tenant break option
at year 10 - the commercial element of the scheme is now
76% pre-let/pre-sold; and
-- A tech company has leased c.14,000 sq ft at The Featherstone
Building for a term of 10 years, with a tenant break at
year 5 - the building is now 70% leased.
Paul Williams, Chief Executive of Derwent London, said:
"We have delivered over GBP26m of new leases in 2023 to date, a
near record level, at an attractive 8.3% premium to December 2022
ERV. Our distinctive and sustainable buildings, with high quality
amenity such as our DL/Lounges, are in strong demand with
occupiers."
For further information, please contact:
Derwent London Paul Williams, Chief Executive
Tel: +44 (0)20 7659 3000 Emily Prideaux, Executive Director
Robert Duncan, Head of Investor
Relations
Brunswick Group Nina Coad
Tel: +44 (0)20 7404 5959 Emily Trapnell
Notes to editors
Derwent London plc
Derwent London plc owns 66 buildings in a commercial real estate
portfolio predominantly in central London valued at GBP5.2 billion
as at 30 June 2023, making it the largest London office-focused
real estate investment trust (REIT).
Our experienced team has a long track record of creating value
throughout the property cycle by regenerating our buildings via
development or refurbishment, effective asset management and
capital recycling.
We typically acquire central London properties off-market with
low capital values and modest rents in improving locations, most of
which are either in the West End or the Tech Belt. We capitalise on
the unique qualities of each of our properties - taking a fresh
approach to the regeneration of every building with a focus on
anticipating tenant requirements and an emphasis on design.
Reflecting and supporting our long-term success, the business
has a strong balance sheet with modest leverage, a robust income
stream and flexible financing.
As part of our commitment to lead the industry in mitigating
climate change, Derwent London has committed to becoming a net zero
carbon business by 2030, publishing its pathway to achieving this
goal in July 2020. In 2019 the Group became the first UK REIT to
sign a Revolving Credit Facility with a 'green' tranche. At the
same time, we also launched our Green Finance Framework and signed
the Better Buildings Partnership's climate change commitment. The
Group is a member of the 'RE100' which recognises Derwent London as
an influential company, committed to 100% renewable power by
purchasing renewable energy, a key step in becoming a net zero
carbon business. Derwent London is one of the property companies
worldwide to have science-based carbon targets validated by the
Science Based Targets initiative (SBTi).
Landmark buildings in our 5.4 million sq ft portfolio include 1
Soho Place W1, 80 Charlotte Street W1, Brunel Building W2, White
Collar Factory EC1, Angel Building EC1, 1-2 Stephen Street W1,
Horseferry House SW1 and Tea Building E1.
In January 2022 we were proud to announce that we had achieved
the National Equality Standard - the UK's highest benchmark for
equality, diversity and inclusion. In May 2023 we were recognised
on the Sunday Times Best Places to Work List 2023 within the
medium-sized organisation category and in the following month we
won two OAS awards - West End New Build for Soho Place W1 and
Developer of the Year whilst we were also highly commended for The
Featherstone Building in the City New Build category. In March 2023
we placed in the top three of the Property Sector in Management
Today's Britain's Most Admired Companies awards 2022. In October
2022, 80 Charlotte Street won the BCO's Best National Commercial
Workplace award 2022. In 2013 the Company launched a voluntary
Community Fund which has to date supported over 150 community
projects in the West End and the Tech Belt.
The Company is a public limited company, which is listed on the
London Stock Exchange and incorporated and domiciled in the UK. The
address of its registered office is 25 Savile Row, London, W1S
2ER.
For further information see www.derwentlondon.com or follow us
on Twitter at @derwentlondon
Forward-looking statements
This document contains certain forward-looking statements about
the future outlook of Derwent London. By their nature, any
statements about future outlook involve risk and uncertainty
because they relate to events and depend on circumstances that may
or may not occur in the future. Actual results, performance or
outcomes may differ materially from any results, performance or
outcomes expressed or implied by such forward-looking
statements.
No representation or warranty is given in relation to any
forward-looking statements made by Derwent London, including as to
their completeness or accuracy. Derwent London does not undertake
to update any forward-looking statements whether as a result of new
information, future events or otherwise. Nothing in this
announcement should be construed as a profit forecast.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.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.
END
UPDUKSKROUUWRAR
(END) Dow Jones Newswires
August 10, 2023 02:01 ET (06:01 GMT)
Derwent London (LSE:DLN)
Gráfica de Acción Histórica
De Abr 2024 a May 2024
Derwent London (LSE:DLN)
Gráfica de Acción Histórica
De May 2023 a May 2024