There are those who can’t shake a feeling of trepidation towards office landlords, wary of whether demand for space will ever fully recover as the dust settles after Covid restrictions and in a troubling economic climate. Yet for Derwent London, pick-ups in the volume of space let and in rent rates since the start of the year should give investors cause to question instead the high discount that’s baked into the shares.
The FTSE 250 central London office landlord’s stock trades 24 per cent lower than the net asset value recorded at the end of last year, and at a 29 per cent discount to the NAV forecast by analysts for the end of December. That markdown looks particularly incongruous given that it is
