Derwent London has signed a replacement £75m five-year unsecured revolving credit facility with Wells Fargo.
The five-year facility refinances debt held against close to £400m of property at a significantly lower margin. Derwent now holds cash and undrawn facilities of £319m.
In its half-year results Derwent announced a NAV increase of 10.9% to 3,226p, with profits up by 21.9% to £39m.
Net rental income was up to £66.9m from £63.7m in 2014. The new facility will help Derwent build out its development pipeline which is expected to grow to 1m sq ft in the next 12 months.
Work will commence on its 80 Charlotte Street project, (pictured) W1, before the end of the year.
