London office developer Derwent London has confirmed its final dividend.
The group will make a final dividend payment of 51.45p on 5 June 2020.
Derwent said it had so far received 73% of rents due on the quarter day, with another 6% now being received on a monthly basis in May and June. Therefore, at least 79% of total rents are expected within the quarter. In addition, it said it had agreed payment plans on another 12% of rents, with the balance either outstanding or subject to rent-free periods.
The group added it has a low loan to value of 16.2% with cash and undrawn facilities of £554m. It has significant headroom on its covenants, with rents having to fall by 70% and values by 71% before breaching them.
The group has also temporarily paused construction on three major sites: 80 Charlotte Street; Soho Place; and the Featherstone Building.
Derwent will hold a closed annual general meeting on 15 May.
DLN : Derwent London confirms final dividend