Derwent London is hosting a presentation and property tour for investors and analysts today. The event will include a number of short presentations and a tour of properties in Fitzrovia, Holborn, Clerkenwell and Islington.
In the presentation Derwent London will disclose the following new information:
The Group has secured an additional £5.2m pa of rent since 13 August 2015 on 93,600 sq ft.Overall, lettings in the year to date total 488,200 sq ft at a rent of £25.5m pa, 10.2% above the December 2014 Estimated Rental Value (ERV).
For the second half of the year, including lettings previously announced, the Group has let 165,600 sq ft at £9.1m pa, which equates to, on average, 12.5% above June 2015 ERV.
The Group has agreed to acquire the long leasehold interest over the 30,500 sq ft lower ground floor at Aldgate Union E1. This follows the agreement to acquire the freehold of the building, which was announced in July. Our ownership will now increase to 285,500 sq ft for a total consideration of £151.3m after costs. Completion to acquire the vacant property is expected in December 2015.
The presentation slides will be published later today.