Derwent shares rise despite goodwill write-down.
Investors Chronicle - magazine and web content, March, 2008
Shares in central London developer rise 5 per cent on day of results. Claer Barrett
Shares in Derwent London bounced five per cent on its first full-year results following its acquisition of London Merchant Securities. Pre-tax losses arose from a GBP353m goodwill write-off on the future development value of LMS assets, but adjusted net asset value (NAV) ended the year on 1,801p - a modest 2 per cent rise.
Derwent's conversion to a real-estate investment trust (Reit) last July led to a one-off charge of GBP53.6m, but produced capital gains tax savings of GBP31.3m on GBP344m of property disposals following the LMS acquisition. Its business model of buying income-producing buildings and obtaining planning for redevelopment before leases expire offers...
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