Derwent London PLC (LSE:DLN)
£ 22.04 -0.08 (-0.36%) Market Cap: 2.47 Bil Enterprise Value: 3.83 Bil PE Ratio: 0 PB Ratio: 0.70 GF Score: 67/100
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Q3 2019 Derwent London PLC Business Update Call Transcript

Nov 07, 2019 / 09:00AM GMT
Release Date Price: £35.62 (-0.28%)
Operator

Ladies and gentlemen, welcome to the Derwent London 2019 Q3 business update. My name is Stuart, and I will be the operator for your call this morning. (Operator Instructions)

I will now hand you over to Paul Williams. Please go ahead.

Paul Malcolm Williams
Derwent London Plc - CEO & Director

Good morning, everyone, and thank you for listening in. I'm here with Damian, David and Nigel. I plan to follow the usual format. I will make a few comments and then we will open up the call for questions.

2019 is set to be another good year for Derwent London. Our letting activity is strong as we've let nearly 500,000 square feet and achieved rents of GBP 33.5 million. This means that we've exceeded last year's letting activities by 25%, and equally importantly, these rents achieved 7% above December 2018 ERV. The main contributors were Brunel Building earlier in the year, and of course, most recently, Soho Place.

We have secured major long-term 12- to 15-year commitments from Apollo, BCG and G-Research. Demand has held up well despite the

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