Derwent eyes redevelopment

LONDON landlord Derwent Property reported a 16 per cent rise in its portfolio to £2.4bn yesterday, with acquisitions and redevelopment on the agenda after £76m of West End purchases this week.

Pre-tax profits rose to £356.4m compared to a loss in 2009 of £34.9m.

“We’ve got enough to keep us busy with developments, but we are also constantly chasing acquisitions,” chief executive John Burns told City A.M.

The firm plans to wait until the High Speed Rail project is finalised before deciding on its 265,000 sq ft redevelopment near Euston station.