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 2021 Derwent London PLC Business Update Call Transcript

Nov 04, 2021 / 09:00AM GMT
Release Date Price: £34.08 (+1.37%)
Paul Malcolm Williams
Derwent London Plc - CEO & Director

Good morning, everyone, and thank you for listening into our Q3 call. I'm here with my fellow directors, Damian, Nigel, David and Emily. I'll firstly make a few questions, comments and then hand back to Haley for some Q&A. You could of course, ask some questions via the webcast.

Now firstly, market activities continued to improve, which can be seen both from our activity and the London office market as a whole. We have achieved more lettings in H2 to date than in H1 and at 2.4% above December 2020 ERVs. This activity has seen our EPRA vacancy rate come down again to only 1.9%. And our overall rent collection for the September quarter day is 97%, and our office rent collection is now almost back to pre-Covid levels.

We continue to be active on the investment side. We have completed the transactions announced at all of our interims in August. This included the acquisition from Lazari investments, providing a development opportunity in Baker Street from 2024 and of course, longer-term opportunities in the Knowledge Quarter.

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