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Derwent London PLC on Thursday reported strong year-to-date lettings’ activity as it signs new leases. Shares in the London-based property investor and developer jumped 9.7% to 2,024.00 pence each in London on Thursday morning. Derwent said lettings in the year-to-date totalled £8.5 million, up 10% from December’s estimated rental value. Key lettings include Featherstone Building in East London to Tide and Avalere Health at a combined annual rent of £1.9 million, and the rental of 25 Baker Street to Moelis at an annual rent of £4.9 million. The landlord added that the European Real estate Association vacancy rate at September 30 fell to 3.7% from 4.5% at June 30. Chief Executive Officer Paul Williams commented: ‘London’s diverse occupier base continues to prioritise quality, amenity and location. Our distinctive portfolio has benefitted from these trends, with ongoing strong letting activity in [the second half], averaging 10% ahead of December ERV. The opening of our second customer lounge is well-timed to further reinforce our appeal. The investment market remains subdued, but our strong balance sheet positions us well for the opportunities ahead.’ Copyright 2023 Alliance News Ltd. All Rights Reserved.
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