Good morning, everybody, and welcome to the Derwent London Q3 2023 Business Update. Turning first to our strong letting activity, which reinforce our view that the flight to quality continues, and there is good active demand for London offices. In the year- to- date, we have completed GBP 27.8 million in new lettings, over 8% above ERV, with H2 activity so far of GBP 8.5 million, on average, 10% ahead. This includes a second pre-let at our on-site 25 Baker Street development, Moelis & Company, which was signed in Q3. Together with the pre-lets of PIMCO agreed in the first half, the project is now 76% pre-let, at rents averaging 13% above ERV. We're seeing a really good rise in viewing activity across the portfolio, and are delighted with the latest lettings at Featherstone to Tide and Avalere Health. The building is now 80% let. Our EPRA vacancy rate reduced over the quarter to 3.7% from 4.5% in June and 6.4% in December 2022. We have also agreed GBP 12.5 million of asset management activity in H2. The highlight was Paymentsense, taking an additional 50,000 sq ft in Brunel through an assignment to now occupy 83,000 sq ft over five floors. As part of the transaction, we removed the 2029 lease breaks on the existing leases and extended the expiry from 2034- 2036. On the new space, the leases were extended by five years to 2036. Consequently, the term certain on these five floors were extended by nearly six years to 12.7. Now to the wider market. We are encouraged by the great number of businesses putting offices first. Savills highlighted the take-up in Q3 increased quarter-on-quarter as more occupiers increased their space needs. This is supported by a Cushman & Wakefield report, which showed that in eight of the 13 largest recent pre-lets, the tenant increased its space rather than decreased. Pre-letting levels across London are high and expected to go higher. The pipeline for on-site new build projects is constrained, with the equivalent of less than nine months of suspected space completing by the end of 2026, based on average take-up. This is leading to strong rental growth for the right product. While available space in London is elevated at 8.8%, a large part of this is secondary, with weak leasing prospects and not in our locations. In the West End, where we have over 70% of our portfolio, the market vacancy rate is below the long-term average at 4.2%. Interest rates now appear to be approaching their peak. In the investment market, volumes remain subdued, and yields have been under pressure, but the West End is more robust than the City, given its lower dependence on debt and smaller lot sizes. Our new developments have performed well, as highlighted at the interims. At 25 Baker Street, we now have also exchanged on four of the 41 private residential units for GBP 22 million, reflecting an average capital value of over GBP 3,200 per sq ft, which is ahead of our appraisal. A further two units are under offer. The development has now reached the top level, and works are proceeding at a rapid pace. At Network, early construction work is progressing well, following the signing of a fixed price build contract with Kier in Q2. In both the Marylebone and Fitzrovia submarkets, there is little competition from either existing space or buildings under development. We are delivering best-in-class space in well-connected locations with really high-quality amenities and outstanding green credentials. This gives us significant confidence that we will lease the remaining available space at attractive rents ahead of ERV. Having a strong balance sheet has rarely been more important, with interest rates now expected to remain higher for longer, and we are well positioned. We have only one relatively small refinancing due over the next 12 months and have already had positive engagement with a variety of lenders, including the existing one. Net debt increased slightly through the quarter to GBP 1.3 billion, as we invested GBP 52 million in our projects. As a result, loan to value remains very comfortable at 25.2%. After the steep increases last year, utility prices reduced further in Q3, and our average vacancy has also come down. For the full year, we expect a marginally higher level of irrecoverable costs than in 2022. So to conclude, we have delivered a further strong letting performance. Occupiers are prepared to pay a premium to secure the right space in the right location, and our lettings are consistently ahead of ERV. Our distinctive buildings are in demand. We have a strong balance sheet with limited near-term refinancing and substantial liquidity. Thank you, and I look forward to seeing many of you at the launch of our new member lounge at the Featherstone Building in Old Street on the 15th of November. I will now pass back to Rocco for any questions. Thank you. If you wish to ask a question, please press star followed by one on your telephone keypad. If you change your mind and wish to remove your question, please press star followed by two. When preparing to ask your question, please ensure that your phone is unmuted locally. To confirm, that's star then one to ask a question. Today's first question comes from Paul May with Barclays. Please go ahead. Hi, team. Thanks for the quick call. Just a couple of quick ones from me. Appreciate, obviously, prime space is leasing well. I think when we've spoken in the past, anything sort of below that prime space is a struggle, was a struggle. Just wondered what you're seeing in leasing on space and conversations on leasing on space that's not sort of uber prime. And then secondly, the transaction market, you know, remains subdued. It's the most prolonged subdued transaction market, I think, ever. And I just wondered what you believe would unlock that transaction market, and are you seeing any signs of that transaction market unlocking? Thank you. Good morning, Paul. I hope you're well. Super prime, well, we're getting good letting activity across all our portfolio and, you know, we, we'd question whether Tea Building is super prime, but we've got to look at good demand there and letting it at good rent. So I think you've got to be careful what you think is super prime, 'cause I think it's got to be the right building in the right position with the right sort of amenities. So we're seeing good demand across our portfolio, and what's been interesting for us, we've seen a real uptake in viewings and inspections in the Old Street and Whitechapel area, which is really good and encouraging. So, I think, I think occupiers want to be in a good building with a good landlord. Obviously, I think we're also seeing this recentralisation continuing, with occupiers deciding, deciding to come more into, into town. Luckily, for us, we don't have an awful lot of poorer quality buildings. I think for the smaller end, we're continuing to do our, our fixed, flex and furnished space, and that's seen some, some good, some demand. I think for some of the poorer height, buildings maybe in the City and in Docklands, I think that you're gonna have to think about what you do. I think therefore, on the vacancy rate, you think, what is the true competition to, to that sort of space? As I say, we're seeing good level of inspections across our portfolio, for a range of our, our product. As I say, we've been upgrading the portfolios along. You're aware that we announced a few years ago that, we'd keep the better, greener buildings for longer. I think that proved to be right because I think the lettings are continuing. In respect to your question about transactions, you mean letting transactions or, investments? Investment transactions, which are- Yes ... I'd I'd say, very subdued. Well, I think they are very subdued. I think, again, probably a sort of a picture of where those buildings are. I think the West End is much more robust than the City. I think the bigger the buildings they are, the more tricky it is in respect of financing and stuff. We have seen a few buildings come into the market recently in the West End, and they've been reasonably well bid. So I think that's a little bit more encouraging. I think the fact that hopefully the interest rates are sort of now setting, I think you'll see a little bit more be coming around. Undoubtedly, this year, numbers will be down, but I think we're in a position we've got nearly GBP 600 million of cash available. We've got a balance sheet. If we saw some value, then we could look at those opportunities. But I think this year will be, as I say, down, but I think we're beginning to see a few things coming out, and reasonably well bid, if it's an interesting building in the right location. So, that's where I see it. Okay. Thank you very much. Right. Thanks, Paul. Thank you. Our next question comes from Alex Kolsteren with Kempen. Please go ahead. Yes, thanks. Hi, team, and thank you for taking the question. Two from my side. Pleasure. First off, do you see any interesting acquisition opportunities as a result of this rent yields at the moment? Okay. Well, we've seen a few things come round. As I say, we're investing a lot of money within the portfolio. We're upgrading, doing some refurbishment. Post our, sort of our Baker Street building, and our Network Building, we've got two really exciting projects to follow on. So I think focus is continuing to invest in that and plus also to do some refurbishment. But we are beginning to see a little bit more, interesting buildings coming around. We just wanna make sure that we can see some value on those added value properties, where you can actually see, you know, land price being the right price for those opportunities where we can add our distinctive touch. So it's early days, no news on any future acquisitions for us, but we're in a position to move if we want to. I think we're also seeing now, probably the banks are taking action on those, maybe struggling, and I think the, sort of moving on for sort of lend to pretend to actually, we've got to do something about that. So we've seen a few of those recently. So I think you might see. Now, I suspect it's more a story for 2024 than for 2023. All right, it's a clear answer. Thanks. Then secondly, what's the current trend in the construction sector? Do you see prices coming down or stabilizing, at least? Well, they are stabilized. We, I mean, first of all, we'd be delighted to have fixed all of, for both our Network and our Baker Street scheme, so that they are fixed. We're seeing inflation coming down, probably to about 3% or 4% from a sort of probably double digit last year. But don't forget, prices were stagnant for quite a long time. So that we've, we, we have seen it down, and as I always say, for us, the most important thing is program. Make sure that we're on program, especially when we've done such strong pre-lets. You know, obviously, we wanna make sure that income comes in as quickly as possible. So our focus is less on the end price, more on the program, because we fixed the end price. So yeah, we're seeing a little bit more stabilization of that, and, as I say, probably 3%, 3% or 4%. The houses will probably tell you a little less, but I think our view is a little bit more. Okay, great. Thank you. Good question. Thank you. Our next question today comes from Callum Marley with Kolytics. Please go ahead. Hey, guys. Thank you for the update. Could you just refresh us on how you're thinking about capital allocation in this current environment, maybe given where development yields are in the low 60s and acquisitions in the sub-5s? ... Well, I think our focus is, you know, obviously, investing in the portfolio. We don't rule anything out, obviously, with the discount, so we'd have to consider options, whether it's special or buyback. I think our focus, as I say, is investing. If we were to do some selling, and nothing necessarily immediately planned, we will consider what we'd do with that. As I say, limited refinancing next year as well. So obviously, we will have some got some thought on that. I'm obviously focusing on, as I say, on the portfolio, but we will give some good thought to about that. Obviously, debt is expensive, so one of the things we'll think about is to whether or not we refinance or pay it off. As I say, with the balance sheet as strong as it is, then we do have that option. Great. Thank you. Okay. Thank you, and our next question comes from Adam Shapton with Green Street. Please go ahead. Morning, Adam. Hi, all. Good morning. Thanks, guys. Thanks for taking the, the question. Two, two quick ones. One may be just on 25 Baker Street. Just for the avoidance of doubt, the, the PIMCO option on the vacant space, is that, has that reached a conclusion, or is that still, live? And then the second one on the, on the refinancing, in for which you're, you're in discussion with those GBP 3 million. Any, any details you can give us on that on, you know, where, where the market seems to be on spreads, either in absolute terms or maybe compared to six or 12 months ago, any, any color around that would be, would be helpful. Delighted. Well, Emily is with me. Emily, on the PIMCO option? Yeah, so good morning, Adam. The PIMCO option will, we, we will have certainty on. They have to exercise by the end of this month, so that will leave us with either one or two floors remaining in the building. So no certainty yet. I mean, the positive thing from this, if they decide not to take their option up, our letting, rent letting to owners who will take the space and move them up will be higher. So actually, if they don't take the actual option up, it's good news for us. It's one of those heads, we win, tails, we win. So, that's good, quite good. Your other question is about financing, and I'll pass over to Damian. Yeah, morning. Good, good question, and I'd say that if we refinance it with a similar product to the last one, we're looking at margins in the low 200s, so something between probably 220 and 240 at current levels. We're not looking to do it yet. This is something for next year. It'll be interesting to see if those spreads come in at all, but they're looking pretty sticky at the moment. But interestingly, in the bank market, margins haven't moved out anything like as much. So, if we were to refinance that with one of our lending banks, and that's one of the things we are considering, margins would be considerably lower, but that would probably be a shorter-term piece of refinancing. So there's quite a lot of variety out there. What's interesting is there's no shortage of willing lenders, particularly these sorts of prices. So it's quite an interesting time for us at the moment. Very clear. All right. Thank you all. Thank you for your questions. Very good. Thank you. Ladies, and gentlemen, this concludes today's question and answer session. I'd like to turn the conference back over to Paul Williams for closing remarks. Thank you, everyone, for listening in. We're all around later today. If you want any further questions, pick up the phone to Robbie. We look forward to seeing as many of you as we possibly can on the 15th of November to, to share, see our fantastic new lounge, to want to see anything else of the portfolio. Well, anyway, thank you for your time today, and all have a good day. Keep safe. Keep well. Thank you.