5th Nov 2020 14:57
Derwent London PLC - property investment and development business - Notes GBP16 million of leases extended since June plus another GBP5 million under offer. Has completed GBP4.6 million of new lettings in the year-to-date on 101,000 square feet. September quarter office rent collection 89% versus 83% when last reported in mid-October; same for total portfolio is 86% versus 80%.
Says detailed design now underway at its 19-35 Baker Street development in London, for a start date in the second half of 2021. Soho Place and Featherstone Building, also in central London, are both under construction, set to complete in the second half of 2022 and are 61% pre-let or sold.
Loan to value ratio September 30 17.3%, with undrawn facilities and cash totalling GBP495 million. Signs new GBP100 million unsecured revolving credit facility with Wells Fargo, expiring November 2025 and replacing GBP75 million facility also from Wells Fargo, which has been set to expire July 2022. There are two further one-year extension options.
Chief Executive Paul Williams: "As we enter a second national lockdown in response to the global Covid-19 pandemic, we continue to work closely with our occupiers, business partners and communities. The significant operational progress made in the third quarter and the group's strong financial position give us the confidence to commit to our next major development at 19-35 Baker Street."
Current stock price: 2,842.00 pence
Year-to-date change: down 29%
By Anna Farley; [email protected]
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