Derwent London has taken a £59m hit on its portfolio value as the result of the increase in stamp duty on commercial property introduced last month.
Despite the decrease in value, the company continued to grow, with around 0.4% expected to be added to capital values over the quarter before the impact of stamp duty charges, according to its quarterly trading update.
Letting activity across the portfolio has generated a 6.1% premium on the estimated rental values of the assets.
Among the prelets and lettings over the quarter was the signing of credit card company Capital One, which took 29,300 sq ft at its White Collar Factory, EC1, development. The scheme is now 48% prelet.
The company’s net debt increased by £65.7m to £977m as a result of capital expenditure and the acquisition of the long lease of the 270,000 sq ft White Chapel Building, E1.
The company has loans equating to 19% of the total value of its portfolio.
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