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Derwent London has brought some hope to property investors during the health crisis by collecting 73% of its quarterly rent.
A further 6% of tenants are now paying on a monthly basis and another 12% have agreed to payment plans, so the group has secured 91% of payments despite the huge impact the virus outbreak has had on the market.
Derwent has also confirmed that it will make a final dividend payment of 51.45p on 5th June and has a loan to value ratio of just 16.2%, with cash and undrawn facilities of £554 million.
So far no staff has been furloughed and all employees remain on full salary, although construction on three major sites has been paused and guidance on financial figures has been withdrawn until the long-term impact of the health crisis becomes clearer.
Paul Williams, chief executive of Derwent, said: “Derwent London has always focused on outstanding quality, a long-term view and close relationships with occupiers, business partners, and communities. At challenging times like this, they are as important as ever… Derwent London is well placed to meet its commitments to invest in its longer-term objectives and to balance its stakeholder responsibilities. After careful consideration, we believe it is appropriate we pay the final dividend. I am particularly grateful to the Derwent London team for their hard work and the way they are collaborating, both together and with others.”
The group will hold a closed annual general meeting on 15th May.
This news was brought to you by Morgan Pryce, a specialist tenant acquisition agent with offices in Oxford Circus and the City. Morgan Pryce specialises in search, negotiation and project management and works exclusively for tenants.