Business
Strong Performance from Derwent London
Strong Performance from Derwent London.
About this update from Derwent London Plc
[{"type":"text","content":"\n \nRNS Number : 9083M Derwent London PLC 24 August 2011 \n \n\n\n \n24 August 2011\nInterim results for the six months ended 30 June 2011\nSTRONG PERFORMANCE FROM DERWENT LONDON\nHighlights\nExcellent lettings performance\n· Income of £8.5m pa from lettings in the six months ended 30 June 2011 exceeded the whole of 2010 \n· Open market transactions in the first half were 9.6% above year end estimated rental values\n· Further lettings with total income of £4.1m pa since 30 June 2011 and Angel Building EC1 now 95% let\n· Vacancy rate falls to 1.1% taking into account space let or under offer since 30 June 2011\n \nValuation\n· Property portfolio valued at £2.6bn at 30 June 2011, an underlying valuation increase of 5.1% in six months, outperforming the IPD Capital Growth Index of 4.6% for central London offices and 1.4% for all UK property\n· Robust rental growth with estimated rental values increasing by 4.0% in the first half \n· EPRA adjusted NAV per share increased in the half year by 10.0% to 1,621p at 30 June 2011\n \nProgress on projects\n· Total projects on site or due to commence in 2011 amount to 450,000 sq ft (41,800m²)\n· Two planning consents received and four more decisions due shortly including 80 Charlotte Street W1 where the outcome will now be deter...