Derwent London secures £100m credit facility

Derwent London has agreed a new five-year £100m unsecured revolving credit facility with Wells Fargo. The facility expires in November 2025 and replaces the £75m facility, also agreed with Wells Fargo, that is due to expire in July 2022. In a trading update, the firm said it had collected 89% of office rent for the September quarter, up from 83%. A further 7% is due to be collected through agreed payment plans. In addition, Derwent London has agreed £16m of lease extensions since June, with another £5m under offer, and has agreed £4.6m of new lettings for the year to date, totalling 100,000 sq ft. Chief executive Paul Williams said: “As we enter a second national lockdown in response to the global Covid-19 pandemic, we continue to work closely with our occupiers, business partners and communities.” To send feedback, e-mail lucy.alderson@egi.co.uk or tweet @LucyAJourno or @estatesgazette