Derwent London is to return to the development market in order to time new buildings for the next property cycle.
The central London office specialist is not currently developing projects but John Burns, chief executive, said it was looking at starting smaller schemes.
He said developments in the West End would be timed to meet expected improvements in market conditions towards the end of 2011.
Derwent yesterday reported that net asset value per share fell almost a fifth to 993p in the six months to June 30, broadly in line with forecasts, after its investment portfolio fell 12%. This wiped £254m from the value of its £1.9bn property portfolio, but still outperformed the quarterly index.
Financial Times, The Times