Business
Q3 2018 Business Update
Q3 2018 Business Update.
About this update from Derwent London Plc
[{"type":"text","content":"\n \nRNS Number : 6893G Derwent London PLC 08 November 2018 \n\nDerwent London plc (\"Derwent London\" / \"the Group\")\nTHIRD QUARTER BUSINESS UPDATERESILIENT LETTING MARKET SUPPORTS DEVELOPMENT STRATEGY \nHighlights\n· Good occupier demand:\no Second half lettings to date of £14.6m on a total of 218,500 sq ft, 6.0% above June 2018 ERV \no Total lettings year to date of £23.0m, almost double the £11.8m announced on 9 August 2018. These were on 357,700 sq ft at an average of 7.8% above December 2017 ERV\no EPRA vacancy rate is now 2.3%, down from 4.2% in June 2018\n· 623,000 sq ft under construction with 73% pre-let:\no Brunel Building W2 68% pre-let\no 80 Charlotte Street W1 90% of the office space pre-let\n· Advancing next two major projects totalling 410,000 sq ft:\no Soho Place W1\no The Featherstone Building EC1\n· Finance:\no LTV ratio at 30 September 2018 was 16.3% with undrawn facilities and cash of £334m\no In August 2018 Fitch assigned the Group a long-term issuer default rating of A-\n \nJohn Burns, Chief Executive, commented:\n\"Second half lettings have already substantially exceeded those in the first half. We have now successfully de-risked both of our on-site developments and lowered our vacancy rate, placing us in an excellent position to progress our next two major developments.\"\n \nWebcast and conference call \nThere will be a live webcast together with a conference call for investors and analysts at 09:00 GMT today. The audio webcast can be accessed via www.derwentlondon.com.\nTo participate in the call, please dial the following number: +44 (0)20 3059 5868. \nA recording of the conference call will also be made available following the conclusion of the call on www.derwentlondon.com.\n \nFor further information, please contact:\n\n\n\nDerwent London\nTel: +44 (0)20 7659 3000\n \n \n\n\nJohn Burns, Chief Executive \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 \nNina Coad\nEmily Trapnell\n\n\n\n \n \n \n\nLETTING ACTIVITY (see Appendix 1)\nThe good progress reported in t...