7th Nov 2019 11:03
(Alliance News) - FTSE 250-listed Derwent London PLC on Thursday reported "consistent" demand for London office space, leading to growth in lettings and disposals in its current financial year.
The London-based property investment and development company said lettings in the year-to-date totalled GBP33.5 million from 486,600 square feet, 7.0% above that space's December 2018 estimated rental value.
Property disposals of GBP181.7 million in the year to date were 6.2% above December 2018 book values, Derwent noted.
"Our strong pre-letting activity continues, demonstrating the consistent demand for our product and for London office space," said Chief Executive Paul Williams.
"In addition we have extended our main revolving credit facility, which includes an innovative green tranche linking the financing of our developments to their environmental impact," added Williams.
On Thursday last week, Derwent extended its main GBP450 million revolving bank facility to October 2024, increasing the weighted average maturity of facilities by 11 months.
Derwent shares were trading 0.1% lower in London on Thursday at 3,568.00 pence each.
By Evelina Grecenko; [email protected]
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