Loading…
UK REIT owning and redeveloping distinctive commercial office buildings across central London.
UK REIT owning and redeveloping distinctive commercial office buildings across central London.
Earns rent from office tenants, typically on multi-year leases, and adds value by refurbishing or rebuilding buildings, then re-letting at higher rents, so developments matter as much as the existing rent roll. Its buildings sit in central London clusters such as Fitzrovia.
In one line: A UK office REIT akin to a London-focused Boston Properties.
Moat: narrow (scale, installed base, brand). Reputation for distinctive, well-located London office redevelopments attracts premium tenants.
Headquarters: London, UK · Founded: 1984 · Employees: 206
Size Derwent London (DLN.L) is a United Kingdom Real Estate company (Real Estate Investment Trusts) with a market value of $2.87B, the 136th largest of 363 United Kingdom companies the cockpit tracks. Shares closed at £1,944 on 6 Nov 2026.
Performance Over six months the shares gained 15.0%, against -5.5% for the median peer and +3.6% for the United Kingdom market (cap-weighted) — 3rd highest of 21 in its peer set.
Growth Revenue grew 45.4% over the last twelve months (peer median +5.4%); the operating margin is 39.6% (peer median 50.0%).
Valuation It trades at 20.0× forward earnings against a peer median of 18.5× (8th most expensive of 21).
Credit Derwent London has 1 bond outstanding ($334M), rated A- by the agencies and trading like BBB+ at a weighted spread of 107 bp.
Next results Next results expected around 25 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | £401M | £389M | £278M | £268M | £249M |
| Revenue growth | — | +40% | +4% | +8% | — |
| Gross profit | £199M | £201M | £198M | £194M | £192M |
| EBITDA | £160M | £161M | £156M | £152M | £165M |
| Net income | £48.0M | £161M | £116M | -£476M | -£280M |
| Free cash flow | £66.6M | £68.9M | £63.0M | £96.3M | £109M |
| Capital expenditure | £137M | £159M | £1.60M | £700,000 | £2.00M |
| Total debt | n/a | £1.53B | £1.50B | £1.37B | £1.28B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Derwent London DLN.L | $2.87B | +15% | +45% | 40% | 20.0× | n/a |
| Great Portland Estates GPE.L | $1.90B | +17% | +24% | 21% | 34.7× | n/a |
| British Land BLND.L | $5.94B | +17% | +15% | 52% | 14.1× | n/a |
| Land Securities LAND.L | $7.51B | +20% | +7% | 48% | 13.2× | n/a |
| Shaftesbury Capital SHC.L | $3.91B | +16% | +9% | 53% | 30.1× | n/a |
| Workspace WKP.L | $913M | +8% | -2% | 51% | 15.1× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | DLN.L | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +11.2% | +4.3% | 3rd highest of 21 |
| 6-month return | +15.0% | -5.5% | 3rd highest of 21 |
| Distance from 52-week high | -11.5% | -13.6% | 7th highest of 21 |
| Revenue growth (TTM) | +45.4% | +5.4% | 4th highest of 21 |
| Operating margin | 39.6% | 50.0% | 8th lowest of 21 |
| Forward P/E | 20.0× | 18.5× | 8th most expensive of 21 |
| Bond spread | 107 bp | n/a | — |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Derwent London DLN.L | United Kingdom | $2.87B | +15% | +45% | 40% | 20.0× | n/a | n/a |
| DiamondRock Hospitality DRH | United States | $2.88B | +30% | +2% | 17% | 21.5× | n/a | n/a |
| Invincible Investment 8963.T | Japan | $2.94B | -1% | +10% | 57% | 15.3× | n/a | n/a |
| Hammerson HMSO.L | United Kingdom | $2.80B | +13% | +92% | 49% | 15.2× | n/a | n/a |
| Dynex Capital DX | United States | $2.77B | -20% | +142% | 65% | 6.6× | n/a | n/a |
| Frasers Logistics & Commercial Trust BUOU.SI | Singapore | $2.76B | -6% | 0% | 64% | 18.1× | n/a | n/a |
| Acadia Realty Trust AKR | United States | $2.74B | -9% | 0% | 19% | 65.9× | n/a | n/a |
| United Urban Investment 8960.T | Japan | $3.04B | -15% | -2% | 36% | 16.7× | n/a | n/a |
| ORIX JREIT 8954.T | Japan | $3.06B | -12% | +35% | 51% | 18.1× | n/a | n/a |
| CT Real Estate Investment Trust CRT-UN.TO | Canada | $3.11B | +3% | +5% | 75% | 12.0× | n/a | n/a |
| Japan Hotel Reit Investment 8985.T | Japan | $3.14B | +7% | +15% | 67% | 9.4× | n/a | n/a |
| Daiwa House REIT Investment 8984.T | Japan | $3.15B | -13% | -9% | 40% | 20.5× | n/a | n/a |
| Park Hotels & Resorts PK | United States | $3.17B | +39% | -1% | 12% | 29.1× | n/a | n/a |
| Suntec Real Estate Investment Trust T82U.SI | Singapore | $3.18B | -7% | +1% | 56% | 19.4× | n/a | n/a |
| Dream Industrial Real Estate Investment Trust DIR-UN.TO | Canada | $2.58B | -8% | +6% | 70% | 15.0× | n/a | n/a |
| Urban Edge Properties UE | United States | $2.58B | -6% | +6% | 31% | 41.4× | n/a | n/a |
| Four Corners Property Trust FCPT | United States | $2.57B | -7% | +10% | 56% | 21.4× | n/a | n/a |
| CapitaLand Ascott Trust HMN.SI | Singapore | $2.55B | -6% | +5% | 34% | 18.9× | n/a | n/a |
| Keppel REIT K71U.SI | Singapore | $3.27B | -5% | +5% | 49% | 19.2× | n/a | n/a |
| LTC Properties LTC | United States | $2.52B | +14% | +69% | 31% | 22.6× | n/a | n/a |
| Big Yellow BYG.L | United Kingdom | $2.50B | +11% | +2% | 62% | 16.5× | n/a | n/a |
Derwent London has 1 bond outstanding with $334M face value. The agencies rate it A-; its bonds trade like BBB+. Weighted yield 5.91%, a spread of 107 bp over government bonds.