- Derwent London reports record lettings despite uncertain market conditions.

Lettings have now surpassed the full year 2015, with 495,300 sq ft in the year to date securing £28.3m per annum of rental income.

Other highlights:

* On average lettings have been 6.9% ahead of December 2015 ERV

* £11.6m of lettings were in H2, at an average level 2.8% ahead of June 2016 ERV

* EPRA vacancy rate remains low at 3.3%

The group also reports vontinued progress with major development programme under construction:

* 400,000 sq ft due for completion by H2 2017, 66% of which is already pre-let

|* 620,000 sq ft due for completion in 2019 including Brunel Building, Paddington W2

And it says property disposals of £135m (net of costs) year to date are in line with December 2015 book values:

* £130m in the second half in line with June 2016 book values

* This includes £90m in Q4

At 30 September 2016, the LTV ratio was 19.3%, with cash and undrawn facilities of £269m

Chief executive John Burns said: "We are encouraged by our letting and disposal activities since June. Despite uncertain market conditions, our brand of good quality space at mid-market rental levels continues to attract occupiers. Given our positive lettings and sound financial base, we are progressing our major developments in Paddington and Fitzrovia, which are both due for completion in 2019 and expected to deliver attractive returns."

Story provided by