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Derwent London has issued a challenge to the property industry by slashing its net zero emissions target by 20 years, after revealing strong full-year figures.
The group has vowed to become net zero on carbon emissions by 2030, 20 years ahead of its previous target, after reporting outstanding annual results, including a 4.8% rise in net asset value to 3,958p per share for the 12 months to the end of December, a 10.5% rise in net rental income to £178 million, and a total return of 6.6% — up from 5.3% in 2018. The value of the group’s portfolio was £5.5 billion at the end of December, up 3.9% on 2018.
In addition, Derwent completed 498,500 sq ft of lettings in 2019, which added £34 million to the rent roll. As a result of this success, the redevelopment of 19-35 Baker Street, in which The Portman Estate has a 45% interest, is being brought forward. The scheme obtained planning permission in November 2017, and will comprise 293,000 sq ft of net lettable space.
The group also became one of the Mayor of London’s 11 Business Climate Leaders last year, and has committed £300 million of its recent £450 million revolving credit facility to green projects.
Chief executive of Derwent, Paul Williams, says: “Climate change presents an enormous challenge to us all, and our industry must respond. Derwent London has long recognised this; with regeneration at our heart, we have embedded sustainability into the organisation and are focused on turning ‘brown’ buildings ‘green’. Today we are taking our ambition to the next level bringing our net zero carbon target forward by twenty years to 2030, aligned with COP21’s 1.5°C climate scenario… It has been another successful year for the group, and we start 2020 in a strong position. Due to our pre-letting successes and our positive market outlook, we aim to bring forward further projects, including our next major development at 19-35 Baker Street.”
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.