Derwent London posted an underlying valuation increase of 17% to just under £5bn, helping push profits to £82m for the 12 months to the end of December 2015.
The portfolio value increase was managed through asset management and completion of 226,000 sq ft of space at a 72% profit on the cost of development.
Rental income was up 7.8% to £138m over the year as strong occupier demand for London offices helped drive new lettings worth £27.1m.
Overall property returns of 19.9% were largely on track, with the IPD central London office index of 19.7%.
Derwent sought new funding to finance its ongoing projects and corporate affairs after the year end. They arranged unsecured fixed-rate funding across two tranches worth a total £105m.
The two facilities will mature in 12 and 15 years and when they come into effect in April will lift the company’s total borrowings to £1.28bn, or 17.8% loan to value on the portfolio.
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