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Offices to let in London are proving strong performers for REIT Derwent London. The company has just released its Interim Management Strategy for the first three months of this year, which shows that its offices in Central London are proving to be big winners, while there has also been a notable improvement in opportunities for them to expand their existing portfolio.
Since the end of last year, Derwent London has acquired two new properties, 1 Page Street in Victoria, SW1, for which it paid £45 million, and the head-lease of what is referred to as the Network Building, otherwise known as 95-100 Tottenham Court Road W1, for which it paid £31 million. The company has also sold off two of its properties, disposing of Victory House at 130 Tottenham Court Road for no less than £37.2 million, and five properties in Covent Garden WC2, which consist primarily of office space, for around £68 million. Because of these sales, Derwent London now has a surplus of almost 35 per cent over book value.
In other transactions, around 31,000 square feet of office space belonging to the company were leased for £3.6 million per annum in the first three months of 2011.
“The central London office market continues to perform strongly,” says the chief executive officer of Derwent London, John Burns. “We have made excellent progress on lettings… and we are advancing projects in the development pipeline… We remain confident of the prospects for our operating market and our Group.”
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