Commercial Finance Specialists

Property developer Derwent believes conditions are improving in London's West End.

Commercial property investment from overseas and institutions in the UK have helped to sustain demand in London's West End, one developer has said.

Derwent London saw its portfolio of assets rise to £178 million in the second half of 2009 as demand from occupiers rose, according to the company's annual results announcement.

Robert Rayne, chairman of Derwent, said that the firm is the only real estate investment trust in the FTSE 350 not to have raised equity during 2009, indicating the robustness of its business model.

Chief executive John Burns added: "As the recovery of the central London economy appears to be gathering momentum, we continue to implement Derwent's distinctive brand of regeneration and, where possible, are accelerating schemes."

In December, Derwent London was awarded the Deal of the Decade prize from Property Week, which editor Giles Barrie gave in recognition of the company's merger with London Merchant Securities in 2007.