Full Year 2022 Derwent London PLC Earnings Call Transcript
Good morning, and welcome to Derwent London 2022 annual results presentation. It's great to so many of you here in person, and welcome to those online. Today you will hear from me, Damian, Nigel and Emily. I shall then wrap up before Q&A. Turning now to Slide 2 and the overview.
Before we go into detail, this morning we have separately announced two major lettings, which together total more than GBP 30 million of new rent, well above ERV. The largest transaction is a pre-let of more than 100,000 square foot to PIMCO at 25 Baker Street for 15 years. The Featherstone Building is now nearly 60% let, following the letting to Buro Happold, the global engineering company, who are committing to Old Street. Emily will provide more detail.
Now to the market. London is busy, and in particular, the West End is buzzing. Hybrid working is well established. The vast majority of our portfolio is busy. The way tenants use their space is changing, with a focus on peak occupation. In 2022, takeup rose strongly compared to 2021, led by the
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