Derwent to pay final dividend

Derwent London has said it plans to pay its final dividend, after receiving 73% of quarterly rent due from its occupiers. The company said 6% of occupiers are now paying on a monthly basis, and another 12% are on agreed payment plans. It had collected March rents from 78% of its office occupiers, and 20% of its retail and hospitality tenants. Payments from a further 5% of office occupiers, and 12% of retail tenants, remain outstanding. A final dividend of 51.45p per share will be paid in cash on 5 June. During the quarter, it completed the sale of 40 Chancery Lane, WC2, for £121.3m and the acquisition of Blue Star House in Brixton, SW9, for £38.1m. It posted LTV of 16.2%, with cash and undrawn facilities of £554m. Derwent said rents and values could fall by 70% and 71% respectively without breaching covenants. Paul Williams, chief executive of Derwent London, said: “At challenging times like this, they are as important as ever. Derwent London is well placed to meet its commitments to invest in its longer-term objectives and to balance its stakeholder responsibilities.” To send feedback, e-mail pui-guan.man@egi.co.uk or tweet @PuiGuanM or @estatesgazette