Derwent London delivered a “consensus busting” set of first-half results with a ?13.6% hike in NAV to ?2,572p.
The strong interim performance prompted analysts to dismiss their ?full-year net asset value forecasts of between 2,666p and 2,729p as “too low” as West End rental growth ?and yield compression continues.
The central London specialist’s portfolio was valued at £3.7bn at 30 June after a 10.1% uplift in the six-month period. Derwent’s 626,000 sq ft of on-site developments, ?which include 1-2 Stephen Street, W1, rose ?in value by 11.9%.
bridget.o’connell@estatesgazette.com
