12th Nov 2015 08:37
LONDON (Alliance News) - Derwent London PLC on Thursday said that 2015 is proving to be its best ever for lettings, with 501,500 square feet of space rented out so far to secure GBP26.2 million of income per annum.
The FTSE 250 real estate investment trust, which is known for its portfolio of central London properties and its prominence in the capital city's 'Tech Belt', said that on average overall lettings have been 10.8% ahead of estimated rental value as recorded in December 2014.
Lettings in the third-quarter to September 30 spanned 171,900 square feet, equivalent to GBP9.5 million in rental income per annum, 12.5% ahead of estimated rental value as recorded in June.
The company has 398,000 feet of space under construction, and a further 620,000 square feet due to start by June 2016.
"The current year is our best ever for lettings. We have also successfully recycled some more mature assets into several major opportunities and the group's development activity demonstrates confidence that the high level of occupier demand for our product is set to continue," Chief Executive John Burns said in a statement.
Shares in Derwent London were up 1.1% at 3,716.5 pence on Thursday morning.
By Samuel Agini; [email protected]; @samuelagini
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