Business
Q3 2020 Business Update
Q3 2020 Business Update.
About this update from Derwent London Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 3100E\n Derwent London PLC\n 05 November 2020\n \n \n \n \n \n Derwent London plc \n \n (\"Derwent London\" / \"the Group\")\n \n \n \n \n \n \n THIRD QUARTER BUSINESS UPDATE\n \n \n \n GOOD TENANT ENGAGEMENT AND PROGRESSING OUR NEXT\nMAJOR DEVELOPMENT\n \n \n \n \n \n Summary\n \n \n · \n Portfolio update:\n \n \n o \n £16m of leases extended since June with another £5m under offer\n \n \n o \n £4.6m of new lettings year to date on 101,000 sq ft \n \n \n o \n Office rent collection for the September quarter day now at 89% compared to 83% when last reported on 13 October 2020\n \n \n o \n Total portfolio rent collection for the same period increased to 86% from 80%\n \n \n \n \n \n · \n Further progress on developments:\n \n \n o \n Detailed design underway at our next major development, 19-35 Baker Street W1, comprising 293,000 sq ft, for a start on site H2 2021\n \n \n o \n Soho Place W1 and The Featherstone Building EC1, totalling 410,000 sq ft, under construction for completion H1 2022 with 61% pre-let or forward sold\n \n \n \n \n \n · \n Strong finances:\n \n \n o \n New 5-year £100m unsecured revolving credit facility signed with Wells Fargo \n \n \n o \n LTV ratio of 17.3%1 at 30 September with £495m of undrawn facilities and cash\n \n \n \n \n \n \n 1\n \n LTV based on 30 June 2020 property values\n \n \n \n \n \n Paul Williams, Chief Executive of Derwent London, said:\n \n \n \"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.\"\n \n \n \n \n \n \n \n \n For further information, please contact:\n \n \n \n \n \n \n \n \n Derwent London\n \n \n Tel: +44 (0)20 7659 3000\n \n \n \n \n \n \n \n Paul Williams, Chief Executive\n \n \n Damian Wisniewski, Chief Financial Officer\n \n \n Quentin Freeman, Head of Investor Relations\n \n \n \n \n \n \n \n \n \n Brunswick Group\n \n \n Tel: +44 (0)20 7404 5959\n \n \n \n \n \n \n \n \n \n \n Nina Coad\n \n \n Emily Trapnell\n...