H2: £7.0m lettings to date, average 11.2% above ERV
£26.3m YTD with a WAULT of 10.3 years
Quality outperforming
H1 valuation -3.7%; MSCI London Index˜ -4.9%
Equivalent yield 5.13% (+67bp since Jun 2022)
Better buildings and West End outperforming
Well positioned
Low leverage
25 Baker Street W1 commercial 76% pre-let/sold
Fixed price contracts agreed for on-site projects
MSCI Central London O¢ices Quarterly Capital Value Index
76%
pre-let/
sold
Retail
70%
70% let
let
GUIDANCE
FY 2023
Our portfolio yield
ERV growth
expected to be
0% to +3%
more resilient
(H1 2O23: +1.0%)
Derwent London plc - Interim Results 2023
2
OUR CONSISTENT STRATEGY
Focused on quality - retain modern prime buildings
72% of portfolio in West End
7.2 year 'topped-up' WAULT
High sustainability credentials: 67.6% EPC A/B
Meeting evolving occupier requirements
Importance of brand
Best-in-classamenity and service
DL/Members: Lounges, App, Experience
Deep pipeline of opportunities
Creating distinctive, amenity-rich buildings
On-siteand future developments: 1.8m sq ft (46% in West End)
Rolling refurbishment programme
Built on a strong balance sheet
Low leverage: 25% LTV & 4.1x ICR
High liquidity: £562m cash & undrawn debt
Limited medium-term refinancing
Derwent London plc - Interim Results 2023
3
Attachments
Original Link
Original Document
Permalink
Disclaimer
Derwent London plc published this content on 10 August 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 10 August 2023 12:44:07 UTC.
Derwent London plc is a United Kingdom-based real estate investment trust (REIT). The Company is an office specialist property regenerator and investor. It owns and manages an investment portfolio of approximately 5.3 million square feet, of which 99% is located in central London, with a specific focus on the West End and the areas bordering the City of London, with the latter principally in the Tech Belt. Its properties are located in London (West End central, West End borders/other and City borders), with the remainder in Scotland (Provincial). Its portfolio includes 80 Charlotte Street, The Featherstone Building, Soho Place, Brunel Building, 25 Baker Street, White Collar Factory, Network, Tea Building, The White Chapel Building, Greencoat and Gordon House, Middlesex House, 25 Savile Row, Rathbone Studios, Morelands, Angel Building, Horseferry House and others. Its subsidiaries include Asta Commercial Limited, BBR (Commercial) Limited, Caledonian Properties Limited and others.
DERWENT LONDON PLC 
