- Derwent reported a rise in lettings activity on lower vacancy rates in the third quarter of the year.

In the third quarter of the ear, lettings year-to-date total £33.5m on 486,600 square feet, on average 7% above December 2018 estimate rent value (ERV).

Its largest single letting was a 83,100 sq ft pre-let to Apollo at 1 Soho Place announced earlier this week which was above December 2018 ERV.

The EPRA vacancy rate fell to 0.6% from 1.8% in December 2018.

The loan-to-value- ratio at 30 September 2019 was 16.4%, with undrawn facilities and cash of £500m, the company said.

"Our strong pre-letting activity continues, demonstrating the consistent demand for our product and for London office space,' Derwent said.

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