Derwent property portfolio rises by £200m

Property company and office specialist Derwent London has reported an increase of the value of its property portfolio to £2.15bn in interim results for 2010.

The group has posted a 17% rise in net asset value to 1,365 pence a share in its fiscal first half compared to 18% six months earlier. The value of its portfolio has risen by 10.3%, or £200m since the end of December.

The firm reported pre-tax profits of £216m over the period against a pre-tax loss of £223m a year ago.

Chief executive John Burns said: “We are pleased to announce a strong set of results for the first six months of 2010. Since the half year further good letting progress has been made with 8,100m² (87,200 sq ft) of floorspace either let or placed under offer at an annual rental income of £1.9m.

“The defensive qualities of the central London office market remain.”