INDUSTRY NEWS

Derwent London gearing up for recovery

Property investment and developer Derwent London is planning to begin a number of small-scale development projects to capitalise on the predicted upswing in the economy.

Focusing on London office space, the real estate investment trust intends to coincide the completion of these with the recovery in the commercial property market expected towards the end of 2011.

Derwent currently have no projects under development, and are arguably in a stronger position than many of their competitors. They are one of few similar companies not to go to shareholders for extra money and, despite heavy losses, their stock still outperforms against the IPD Central London Office Index.

Derwent has also just agreed a ten-year lease on a 12,000 square foot property in London’s Fitzrovia area with Target Media Group for £345,000. This is the latest of a number of deals in Fitzrovia, totalling £3 million per year in rent.

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