Good start to 2014 from Derwent London

DLN : Good start to 2014 from Derwent London

Derwent London’s interims show a 13.6% increase in its EPRA NAV for the first half of 2014. The interim dividend has been increased by 8.4% to 11.65p on the back of a 12.3% improvement in EPRA earnings. Derwent London has undrawn facilities of £364m and its loan to value ratio has fallen to 25.7% from 28%.

The improvement in the net asset value was driven by a 10.1% uplift in the value of its portfolio (ahead of the 8.4% posted by the IPD index for the period). Rents are rising, yields are tightening and three properties were sold in the period for £68.1m – 40.7% more than their valuation at the end of December 2013.

Developments at the White Collar Factory (on Old Street roundabout) and Tottenham Court Walk have started and they have another five projects on site, 975,000 sq ft of sites with planning consent (including 80 Charlotte Street due to start in 2015) and planning applications in for two additional West End schemes totalling 163,000 sq ft.