Derwent London secures extra GBP5.2m in rent since August

Property investor Derwent London has secured an additional £5.2m of annual rent since 13 August on 93,600 sq ft of its buildings.

In a statement ahead of a presentation and property tour for investors and analysts, Derwent said overall lettings in the year to date totalled 488,200 sq ft at a rent of £25,.5m per annum, which is 10.2% above the December 2014 estimated rental value (ERV).

For the second half of the year, including lettings previously announced, the group has let 165,600 sq ft at £9.1m per annum, which is about 12.5% above the June ERV.

In addition, Derwent said it has agreed to acquire the long leasehold interest over the 30,500 sq ft lower ground floor at Aldgate Union E1. This follows the agreement to acquire the freehold of the building, which was announced in July.

Derwent said its ownership now increases to 285,500 sq ft for a total consideration of £151.3m after costs, and completion to acquire the vacant property is expected in December.

At 0925 BST, Derwent shares were down 0.2% at 3,577p.