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Derwent London confident on 2020 outlook and ups dividend by 10%

The property developer sees an improved market for London offices and an increased estimated rental value for 2020

Derwent London - Derwent London confident on 2020 outlook

Derwent London PLC (LON:DLN) said there is “increased investment appetite” in the capital’s office market, with occupiers “struggling” to find the space they want.

The FTSE 250-listed property developer said post-election clarity had helped the sector although there is still looming uncertainty from the coronavirus outbreak and Brexit.

Estimated rental value (ERV) for 2020 is expected to grow 1-4%, following a 1.4% rise in 2019.

In the year to 31 December, net asset value (NAV) and the value of the portfolio both rose 5% to 3,958p per share and £5.5bn, respectively.

The full-year dividend was hiked 10% to 51.45p per share.

Analysts at Peel Hunt upped the target price to 4,400p from 3,850p, in line with the NAV forecast of 4,440p for the current year as the renting market improves.

Shares rose 1% to 4,276p on Tuesday morning.

Quick facts: Derwent London

Price: 3256 GBX

Market: AIM
Market Cap: £3.63 billion

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