Derwent London posted a 20% rise in its NAV in 2013 to £22.64 as the value of its developments and City fringe assets surged thanks to a record year for lettings.
Underlying valuation was up by 12.6% but the value of its “City borders” properties was up by 20.3%. Development projects rose by 25.1% in value.
The West End estate gained 10.8% in value during the year. Pretax profits rose by 10.1% to £57.8m, prompting the company to raise its dividend by 8.4% to 25.75p.
The twin prelets to Publicis Groupe at 40 Chancery Lane, WC2, and the Turnmill, EC1 (pictured), helped Derwent to a record year for new lettings. It took in £21.8m on 643,200 sq ft of deals at an 8.4% premium to December 2012 values.
bridget.oconnell@estatesgazette.com
