QuotedData’s morning briefing 25 April 2024 – DLN, NRR, WHR

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In QuotedData’s morning briefing 25 April 2024:

  • Derwent London (DLN) has exchanged contracts to sell its 70,300 sq ft Publicis Group-let office in Clerkenwell for £77.35m to UK investment manager Titan Investors. The redevelopment of the building completed in 2015 and is let at a passing rent of £4.0m, on a lease expiring in 2035, with a tenant break in 2033. The disposal price was at a small premium to the December 2023 book value and reflects a net initial yield of 4.9% and a capital value of £1,100 per sq ft. The company said that the proceeds will be recycled into two West End developments, 25 Baker Street W1 and Network W1, which together total 437,000 sq ft.

  • NewRiver REIT (NRR) has reported that its portfolio valuation was flat during the six months to 31 March 2024 at £544m – a modest 0.4% reduction. During the year to 31 March 2024, the company completed 785,100 sq ft of lettings, with long-term transactions up 3.6% versus the estimated rental value (ERV) and up 1.8% versus the previous rent. Portfolio occupancy is now at record levels of 98.0%. The company also announced that it had launched a search for a new capital partner to target UK retail parks, which it will co-invest with to generate rental income and asset management fees. LTV at 31 March 2024 is expected to be 31%, with a fixed cost of 3.5% and no maturity until March 2028.

  • Warehouse REIT (WHR) provided a quarterly update for the three months to 31 March 2024, in which it completed 22 lettings, at an average 30.1% ahead of previous rent and securing £1.4m in rent.

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