Following the announcement today of several value-enhancing transactions, the Directors of Derwent London are recommending a special dividend of 52p per share to be paid on 9 June 2017 to shareholders on the register as at 5 May 2017.
The transactions announced today include £327m of property disposals above book value expected to complete before the end of June 2017, the pre-letting of 133,600 sq ft at 80 Charlotte Street W1 and the re-gear of leases at Angel Building to Expedia.
John Burns, Chief Executive Officer, commented:
“This special dividend takes account of today’s other announcements, as well as the low gearing of the Group with a loan-to-value ratio of 17.7% as at 31 December 2016. We retain significant flexibility and firepower for the future including opportunities to make further acquisitions or to add to our pipeline of projects.”
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