8th Apr 2020 10:12
(Alliance News) - Derwent London PLC on Wednesday said it has received less than three quarters of its rent due for March but reported a busy three-month period featuring new lettings, acquisitions and disposals.
The London-focused real estate investment trust has collected 73% of rent due for March, compared to 98% in the year prior. Numbers did however show that it has received a total of GBP43.3 million worth of rent so far, up 16% year-on-year from GBP37.4 million.
Derwent added that another 6% of rent is now being received on a monthly basis.
"Therefore, at least 79% of total rents are expected within the quarter. In addition, we have agreed payment plans on another 12% of rents payable with the balance either outstanding or subject to rent-free periods," the company added.
During the first quarter of 2020, the company reported GBP2.1 million worth of new lettings, 4.6% above the estimated rental value at the end of December.
Derwent also secured GBP121.3 million from the sale of the 40 Chancery Lane office and retail unit in London, and it completed the GBP38.1 million acquisition of a mixed-use building in Brixton, south London.
Blue Star House has office space, restaurant and leisure units, as well as two vacant floors of space, Derwent said back in January.
The company affirmed its intention to pay its 51.45 pence final dividend.
Chief Executive Paul Williams said: "Derwent London is well placed to meet its commitments to invest in its longer-term objectives and to balance its stakeholder responsibilities. After careful consideration, we believe it is appropriate we pay the final dividend."
Shares in the company were 2.4% higher at 3,332.00p each in London on Wednesday morning.
By Eric Cunha; [email protected]
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