Business
Qtr1 2017 Business Update
Qtr1 2017 Business Update.
About this update from Derwent London Plc
[{"type":"text","content":"\n \nRNS Number : 7923E Derwent London PLC 11 May 2017 \n\n \n \n \n11 May 2017 \nDerwent London plc (\"Derwent London\" / \"the Group\")\nFIRST QUARTER BUSINESS UPDATEFURTHER LETTING PROGRESS AND SIGNIFICANT DISPOSALS ABOVE BOOK VALUE\nHighlights\n· In 2017 to date we have let or pre-let 260,100 sq ft achieving rents of £17.0m pa:\no 48% increase from the £11.5m announced with the 2016 results on 28 February\no 0.9% above December 2016 ERV\no Lettings since the end of February 4.6% above ERV\n· White Collar Factory now complete, 72% let with the majority of the remaining space under offer\n· Three developments totalling 727,000 sq ft remain under construction, 30% pre-let\n· Property disposals agreed in the year to date total £327m, 6.7% above December 2016 values\n· LTV ratio 16.5% at 31 March 2017, with cash and undrawn facilities of £359m\n\nJohn Burns, Chief Executive Officer, commented:\n\"Following the excellent start to the year that we announced with our results in February, demand for our product remains strong and our letting progress continues. In addition, our sales activity demonstrates resilient investment demand.\"\n\nWebcast and conference call \nThere will be a conference call for investors and analysts at 09:00 BST today. \nTo participate in the call, please dial the following number: +44 (0)20 3059 8125\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\n\nDerwent London\nTel: +44 (0)20 7659 3000\n \n \n\n\nJohn Burns, Chief Executive Officer \nDamian Wisniewski, Finance Director\nQuentin Freeman, Head of Investor Relations\n\n\n\n\nBrunswick Group\nTel: +44 (0)20 7404 5959\n\n\nSimon Sporborg\nTim Danaher\n\n\n\n\n \n\n\n \n \nActive demand leads to further lettings (see Appendix 1)\nIn the year to date we have let or pre-let 260,100 sq ft at £17.0m pa. This is an increase of £5.5m from our announcement on 28 February. The major deals with Arup and Adobe have previously been reported and we have now let all the available refurbished space at 20 F...