Preliminary results for the year ended 31st December 2006 - Derwent London announces excellent results, a target date for REIT conversion and strong progress with the LMS integration.
Robert Rayne, Chairman, commented: “This has been a transformational year and I am delighted to be reporting excellent results for Derwent London. The Group is now the sixth largest UK listed property company, with a market capitalisation in excess of £2 billion. I am also pleased to confirm that the Group is planning to elect for REIT status. The targeted conversion date is 1st July 2007. With yield compression unlikely to contribute significantly to performance, it is encouraging that rental growth in central London, where the portfolio’s average rent is only £255 per sq m, looks firmly set to continue. For Derwent London shareholders, the future offers the exciting prospects of REIT status, a portfolio packed with opportunities and a specific focus on central London. I look forward to reporting to you later in the year on the Group’s progress.”