Derwent London PLC (LON:DLN) today provided Q1 2019 Business Update.
Highlights
· Lettings year to date total £17.2m on 217,600 sq ft, on average 6.2% above December 2018 ERV
· Over one million sq ft under construction with 64% pre-let:
o Brunel Building W2 – 98% pre-let, completion H1 2019
o 80 Charlotte Street W1 – 80% of commercial space pre-let, completion H1 2020
o Soho Place W1 – 42% of commercial space pre-let, completion H1 2022
o The Featherstone Building EC1 – demolition under way, completion H1 2022
· EPRA vacancy rate 1.7%, down from 1.8% in December 2018
· Sale contracts exchanged on Premier House SW1 and 9 Prescot Street E1 for a previously announced Group share of £76.9m
· LTV ratio at 31 March 2019 was 17.5%* with undrawn facilities and cash of £500m
John Burns, Chief Executive of Derwent London, said:
“Demand for Derwent London’s space remains strong. We have now pre-let over 600,000 sq ft of our one million sq ft development programme. These lettings combined with our financial strength put the Group in a very good position to pursue new opportunities.”
