Business
H2 2023 LETTING UPDATE
H2 2023 LETTING UPDATE.
About this update from Derwent London Plc
[{"type":"text","content":"\n\n \n\n10 August 2023\nDerwent London plc (\"Derwent London\" / \"the Group\") H2 2023 LETTING UPDATE\n \nDerwent London is pleased to announce that it has signed new leases totalling £7.0m since 30 June 2023. Activity includes securing the second major pre-let at 25 Baker Street W1 and the fourth office occupier at The Featherstone Building EC1. This takes letting activity in the year to date to £26.3m.\n \nKey transactions\n\n\n\n· \n\n\nMoelis & Company has pre-let c.50,000 sq ft at 25 Baker Street for a term of 15 years, with a tenant break option at year 10 - the commercial element of the scheme is now 76% pre-let/pre-sold; and\n\n\n\n\n· \n\n\nA tech company has leased c.14,000 sq ft at The Featherstone Building for a term of 10 years, with a tenant break at year 5 - the building is now 70% leased.\n\n\n\n \nPaul Williams, Chief Executive of Derwent London, said:\n\"We have delivered over £26m of new leases in 2023 to date, a near record level, at an attractive 8.3% premium to December 2022 ERV. Our distinctive and sustainable buildings, with high quality amenity such as our DL/Lounges, are in strong demand with occupiers.\"\n \n \nFor further information, please contact:\n\n\n\nDerwent London\nTel: +44 (0)20 7659 3000\n \n\n\nPaul Williams, Chief Executive\nEmily Prideaux, Executive Director\nRobert Duncan, Head of Investor Relations\n\n\n\n\n \nBrunswick Group\nTel: +44 (0)20 7404 5959\n\n\n \nNina Coad\nEmily Trapnell\n\n\n\n \n\n\n \nNotes to editors\nDerwent London plc\nDerwent London plc owns 66 buildings in a commercial real estate portfolio predominantly in central London valued at £5.2 billion as at 30 June 2023, making it the largest London office-focused real estate investment trust (REIT).\nOur experienced team has a long track record of creating value throughout the property cycle by regenerating our buildings via development or refurbishment, effective asset management and capital recycling.\nWe typically acquire central London properties off-market with low capi...