14th Oct 2015 06:58
LONDON (Alliance News) - Derwent London PLC on Wednesday said it has secured an additional GBP5.2 million of rent per annum since mid-August on 93,600 square feet.
Overall, the property investor said, lettings in the year to date total 488,200 square feet at a rent of GBP25.5 million per annum, 10.2% above the December 2014 estimated rental value.
The FTSE 250 real estate investment trust is prominent in London's so-called Tech Belt, which is centred around the 'Silicon Roundabout' at Old Street and acts as a hub for media agencies and tech companies. Its portfolio of commercial real estate was valued at GBP4.6 billion at the end of June. The update came as the company hosted a presentation and property tour for investors and analysts.
For the second half of the year, including lettings previously announced, Derwent London has let 165,600 square feet at GBP9.1 million per annum. That equates to, on average, 12.5% above June 2015 estimated rental value, the company said.
In addition, the company said it has agreed to acquire the long leasehold interest over the 30,500 square foot lower ground floor at Aldgate Union E1, following on from a deal in July to acquire the freehold of the building.
Derwent London's ownership will now increase to 285,500 square feet for GBP151.3 million after costs. Completion to acquire the vacant property is expected in December 2015, the company said.
By Samuel Agini; [email protected]; @samuelagini
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