Derwent London has sold £314m of non-core assets at £125m above book value since the company was formed through a merger of Derwent Valley and London Merchant Securities in February. The Financial Times. The Times
John Burns, chief executive, said the flurry of small sales, mostly of former LMS properties, proved there was still a strong demand from investors and a further £300m of properties were likely to be put on the market in the coming months.
Derwent London announced adjusted net asset value per share of £19.31 at 30 June, up 12.5% from February’s £17.70.
The group’s £2.8bn (£2.5bn) portfolio produced a valuation surplus of £204m, mostly from rental growth.
Adjusted profit was up 27% on the same period last year to £12.3m (£9.7m).