Half Year 2024 Derwent London PLC Earnings Call Transcript

Aug 08, 2024 / 08:00AM GMT
Paul Williams – Derwent London PLC – Chief Executive, Executive Director

Good morning. Welcome to Derwent London 2024 Half Year Results Presentation. As well as for me, you will hear from Damian,Nigel and Emily and then I shall wrap up with Q&A. But before we start results, I’m delighted to say that we achieved a resolution to grant planning permission on Tuesday for our next range of project at 50 Baker Street, which we had a joint venture with Lazari.

In turning to slide 2 and an overview of our performance. London’s occupational market has continued to strengthen, and I’m pleased to say that the rental growth we achieved in H1 was the highest half yearly performance since 2016. Demand for high-quality, well-located space is deep and broad-based and supply is limited. We continue to deliver leasing success with GBP10.8 million of new rent agreed since the start of the year, nearing 10% above ERV, which includes GBP8.8 million in H1.

This takes our leasing activity over the last 18 months to over GBP40 million. We also have GBP3.4 million under offer. We’re seeing good activity

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