Derwent London (LON:DLN) - Project driven growth
Mar 04th 2013 - Edison Investment Research today published a report on Derwent London (DLN.L, LSE:DLN, LON:DLN) entitled "Project Driven Growth". In summary, the report says:
Derwent reported flat 2012 earnings, but an 11% improvement in EPRA NAV to 1,886p on higher valuations. More interesting was the huge detail management provided on the potential 2.7m sq ft project pipeline, of which 0.5m sq ft is due for completion in 2013-14 and another 0.4m by 2016. This pipeline and the group’s ability to secure new lettings above estimated rental value (ERV) across its portfolio gave Derwent confidence in the outlook, both in the short and longer term.
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