Derwent London Share Discussion Threads

[philanderer] 25/1/2021 14:28

London’s office market pulls back from the brink

The shift to remote work fails to extinguish foreign demand for prime sites in the capital

[nickrl] 21/1/2021 17:48

Fairly big change in holdings infers another RNS should be coming from a seller.

T. Rowe Price Associates, Inc. 5.01% > 10.01%

[philanderer] 19/1/2021 14:09

Property brings highs and lows for Independent

Independent (IIT) investment trust may have been ‘wrong-footed’ by housebuilders last year but manager Max Ward is backing West End property company Derwent London (DLN).

In final results to 30 November, in which the £288m trust reported a net asset value decline of 2.2%, Ward said he took a new stake in Derwent London.

He said the group was ‘a high-quality West End property company whose shares looked cheap following concerns about the impact of working from home on office property prices’.

Not all of Ward’s property plays paid off last year and he said he has put housebuilders ‘under review’ after the trust was ‘badly wrong-footed by the appearance of Covid-19’.

He admitted he was ‘slow to recognise’ the change in sentiment towards the sector as the pandemic hit and was forced to make ‘substantial sales at what turned out to be distressed prices’.

‘This net result was that we ended up buying high and selling low – a textbook example of how not to ply our trade, about which we feel suitably sheepish,’ he said.

[philanderer] 19/1/2021 10:21

GOLDMAN SACHS RAISES DERWENT LONDON PRICE TARGET TO 4,000 (3,990) PENCE - 'BUY'

BANK OF AMERICA RAISES DERWENT LONDON PRICE TARGET TO 3,590 (3,170) PENCE - 'BUY'

[philanderer] 18/1/2021 13:55

Aviva Investors shows £100m vote of confidence in London, with plans to create new office campus

[philanderer] 15/1/2021 11:56

JPMORGAN RAISES DERWENT LONDON TO 'NEUTRAL' ('UNDERWEIGHT') TARGET 3,200 (2,850) PENCE

[philanderer] 14/1/2021 13:50

Great Portland Estates reveals latest rent collection figures, as lockdown hits landlords

[philanderer] 14/1/2021 12:06

RBC RAISES DERWENT LONDON PRICE TARGET TO 2,850 (2,750) PENCE - 'UNDERPERFORM'

[nickrl] 12/1/2021 11:52

DLN rental update issued this morning and pretty positive as expected being an office centric operation. Nothing on leases so we won't know where there headed until next report as i doubt they will RNS adverse news on lease deals.

[nickrl] 11/1/2021 22:24

philanderer that was retail side offices were at 95% so DLN should expect similar outcome but im interested in lease renewals but suspect they won't say anything on a rental collection update.

[philanderer] 11/1/2021 19:34

British Land said that it had only collected 46% of the rents for the three months to the end of December as the lockdown and restrictions continue to see its tenants struggling to pay up.

PA News

[nickrl] 07/1/2021 20:42

Still feel DLN are exposed to the c20% of leases on break or expiry over next 18mths so best upside is they roll over at same rents worst case lots of vacancies.

[philanderer] 07/1/2021 14:19

Investor confidence in the London office market picks up following sales plunge, research shows

Investor spend on central London commercial property tumbled by £3.9 billion last year, but demand improved in the final quarter…

[philanderer] 07/1/2021 00:32

mmmmmmmmmmm......

Boris Johnson predicts workers will flock back to offices when pandemic ends

[philanderer] 23/12/2020 14:05

Reports of the death of the London office were proved greatly exaggerated again today after British Land sold £400 million of buildings in Marylebone, including its own head office.

[philanderer] 22/12/2020 13:41

Offices and other commercial premises to share a £481m business rates rebate as the coronavirus pandemic triggers a surge in appeals

[philanderer] 21/12/2020 13:25

Central London offices still attractive to investors, despite Covid-19 disruption

[philanderer] 19/12/2020 00:53

Shares in quality office landlords such as Helical (HLCL) and Derwent London (DLN) trade at sizeable discounts to NAV. Given the ultra-prime location of their offices, broadly stable asset valuations and solid balance sheets, that looks to be an overly harsh judgement of their prospects by the market.

Investors are likely to have to pay a high premium for exposure to safer returns from popular logistics stocks, but those willing to stomach greater risk may find more compelling value within the office sector.

[philanderer] 17/12/2020 11:07

Derwent’s Network Building plans fall down on housing and public open space

[philanderer] 17/12/2020 00:29

nick, agree with that , good summary.

[nickrl] 16/12/2020 19:27

Office reduction, if its going to happen, will largely take place when leases breaks or expiry's come due and i remain of the view that DLN has one of the higher exposures to this over next 18-24mths. At best they won't get increased rents in future if they are going to retain tenants on existing floorspace.

DLN do have an advantage over the quality of there buildings so they aint going to disappear anytime soon but imv the share price doesn't reflect the downside risk here but probably supported by expectation of overseas buyer to take it out.

[philanderer] 11/12/2020 11:40

GOLDMAN RAISES DERWENT LONDON PRICE TARGET TO 3,990 (3,693) PENCE - 'BUY'

[nickrl] 03/12/2020 10:36

DLN has sold one of bigger properties at 4% below last valuation but in doing so has offloaded potentially 40% of lease breaks/expiries in 2021 so maybe a shrewd move.



However, separate RNS demonstrates that increasing rents at reviews/relets maybe becoming more challenging. OK they've increased the space let on this but at same rent and extended the lease by two years but at the cost of 11 months rent free.



DLN on forecast 2% yield feels overvalued for me but I guess share price is reflecting the income stream due from various developments which they've pre let.

[nickrl] 28/11/2020 21:52

EI they know the price has got ahead of reality but thats the market for you