Activity
£15.0m of investment lettings
£6.9m of development lettings
Acquisitions, development and refurbishment expenditure(1) of £194.0m
Disposals of £90.9m
Supported a further 114 people from disadvantaged backgrounds into jobs through our Community Employment Programme
Performance
Ungeared total property return of 0.5% (IPD Quarterly Universe 0.2%)
Total business return of -0.5%
Combined Portfolio valued at £14.4bn, with a valuation deficit of 1.8%
Voids in the like-for-like portfolio: 2.9% (31 March 2016: 2.4%)
Financials
Group LTV ratio(3) at 22.6%, based on adjusted net debt(3) of £3.3bn
Weighted average maturity of debt at 9.0 years
Weighted average cost of debt at 4.7%
Cash and available facilities of £1.5bn
First half dividend of 17.9p, up 9.8%
Development
1 & 2 New Ludgate, EC4 now fully let
20 Eastbourne Terrace, W2 now completed and 90% let
1 New Street Square, EC4 now completed and fully let
Nova, Victoria, SW1, due to complete in the new year, now 41% pre-let or in solicitors' hands
Westgate Oxford due to open in October 2017, now 64% pre-let or in solicitors' hands
1.2m sq ft future London pipeline including 21 Moorfields, EC2; Nova East, SW1; 1 Sherwood Street, W1; and our Southwark estate, SE1
