Business
Q1 2019 Business Update
Q1 2019 Business Update.
About this update from Derwent London Plc
[{"type":"text","content":"\n \nRNS Number : 4233Y Derwent London PLC 09 May 2019 \n\nDerwent London plc (\"Derwent London\" / \"the Group\")FIRST QUARTER BUSINESS UPDATE\nSTRONG OCCUPIER DEMAND ADDS £17M TO RENTAL INCOME\n \nHighlights\n \n· Lettings year to date total £17.2m on 217,600 sq ft, on average 6.2% above December 2018 ERV\n· Over one million sq ft under construction with 64% pre-let:\no Brunel Building W2 - 98% pre-let, completion H1 2019\no 80 Charlotte Street W1 - 80% of commercial space pre-let, completion H1 2020\no Soho Place W1 - 42% of commercial space pre-let, completion H1 2022\no The Featherstone Building EC1 - demolition under way, completion H1 2022\n· EPRA vacancy rate 1.7%, down from 1.8% in December 2018\n· Sale contracts exchanged on Premier House SW1 and 9 Prescot Street E1 for a previously announced Group share of £76.9m\n· LTV ratio at 31 March 2019 was 17.5%* with undrawn facilities and cash of £500m\n \nJohn Burns, Chief Executive of Derwent London, said:\n \n\"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.\"\n \n*LTV based on December 2018 property values\n \nWebcast and conference call\n \nThere will be a live webcast together with a conference call for investors and analysts at 09:00 BST today. The audio webcast can be accessed via www.derwentlondon.com.\n \nTo participate in the call, please register at www.derwentlondon.com\n \n \n \nFor further information, please contact:\n \n\n\n\nDerwent London\nTel: +44 (0)20 7659 3000\n \n\n\nJohn Burns, Chief Executive\nPaul Williams, Director\nDamian Wisniewski, Finance Director\nQuentin Freeman, Head of Investor Relations\n\n\n\n\n \nBrunswick Group\nTel: +44 (0)20 7404 5959\n \n\n\n \nNina Coad\nEmily Trapnell\n \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n \n \nLETTING ACTIVITY (see Appendix 1)\n \nDuring the quarter we completed the letting of the remaining office space at...