Derwent London signs £2.4m of new lettings in Q1

Property company Derwent London said it had signed £2.4m of new lettings in the first quarter, up 4.9% on December estimated values.

In an update released on Thursday, the company said occupier interest remained “good” with 164,500 sq ft of lettings signed or under offer.

It added that a further 113,000 sq ft was under offer for around £7.2m of rents.

Derwent said two developments under construction totalling 623,000 sq ft were 45% pre-let.

The loan-to-value ratio was 13.2% at 31 March 2018, with cash and undrawn facilities of £514m, Derwent added.

Chief executive John Burns said occupier interest remained encouraging and the firm had “a significant amount of space under offer".