RVBA-DLNReal Estate & REITs

Derwent London — in detail

Full extracted data, every event in the company's history we've captured, and (soon) external news. The full ratios diagnostic with peer benchmarks lives at /ratios.

Reference sources (4/5)

Source documents
Recent disclosure
Multi-year metrics
Targets
Certifications

External news

No ESG-relevant news ingested yet for this company. Run python -m pipeline.news_gdelt to backfill. Sourced from GDELT 2.0 (3-month trailing window).

Data by year· every metric + key events per year

Each year shows the firm's reported metrics on the left and the most material events on the right. Up to 10 events per year; the full event log is one click further.

2025

annual report ↗

Climate · carbon footprint (tCO2e)

Scope 1	2,126
Scope 2 (market-based)	4
Scope 3	33,283
Cat 1 · Purchased goods	36
Cat 6 · Business travel	60
Cat 7 · Employee commuting	110
Cat 13 · Downstream leased	4,482
Gross carbon footprint	35,413
Net carbon footprint	35,413

Energy (kWh)

Renewable energy %

100%

P&L highlights (USD)

Headcount (FTE)	206people
Revenue	406.3M

Balance sheet highlights (USD)

Property, plant & equipment	68.1M
Total assets	5.3B
Total debt	1.5B
Cash & equivalents	131.7M

Events 2025· 6

Lochfauld Solar Park nearing completion

Construction of c.100-acre, 18.4 MW solar park at Lochfauld site in Scotland is nearing completion with all PV panels installed. Energisation expected mid-2026. Expected to generate c.40% of London managed portfolio's electricity requirements.

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Updated Net Zero Carbon Pathway with new long-term targets

Published updated Net Zero Carbon Pathway in December 2025, introducing 'nature and resilience' as a fifth pillar and adding longer-term targets including 90% absolute Scope 1, 2 and 3 GHG emissions reduction by 2040 from 2022 baseline. Near-term commitment to reduce absolute Scope 1 and 2 GHG emissions by 42% by 2030 from 2022 baseline.

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UK government 2025 carbon conversion factors applied

The Government's 2025 carbon conversion factors were released in early July. Electricity factors are 15% lower compared to 2024 as further progress has been made decarbonising the UK's electricity grid. Applying these factors to 2025 consumption resulted in a 16% reduction in location-based operational GHG emissions.

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Decision not to pursue further upstream supply chain carbon emissions mapping

The decision was taken not to pursue further upstream supply chain carbon emissions mapping at this stage, despite previously being a 2025 priority to review and expand material Scope 3 inventory elements.

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£216.1m of property disposals completed in 2025

Disposals in 2025 totalled £216.1m, including the sales of 4 & 10 Pentonville Road N1 and Francis House SW1 for a combined £80.1m, as well as £135.9m from trading disposals at 25 Baker Street W1. Group targeting £1bn of disposals over next three years.

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£1bn disposal target over next three years

Group set a target to sell £1bn of property over the next three years to provide capital for redeployment into accretive opportunities including selective regeneration projects, acquisitions and potential share buybacks.

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2024

annual report ↗sustainability report ↗

Climate · carbon footprint (tCO2e)

Scope 1	2,736
Scope 2 (market-based)	19
Scope 3	26,052
Cat 1 · Purchased goods	30
Cat 6 · Business travel	117
Cat 7 · Employee commuting	110
Cat 13 · Downstream leased	5,324
Gross carbon footprint	28,807
Net carbon footprint	28,807

Energy (kWh)

Renewable energy %

99%

P&L highlights (USD)

Headcount (FTE)	201people
Revenue	276.9M

Balance sheet highlights (USD)

Property, plant & equipment	52M
Total assets	5.2B
Total debt	1.5B
Cash & equivalents	71.4M

Events 2024· 12

EPC capex requirement revised from £97m to £86m

In 2021 ~£97m of capex was identified to achieve EPC rating B across London commercial portfolio; revised to £86m to reflect change in building regulations, inflation, disposals, the acquisition of remaining 50% of 50 Baker Street W1, and works completed.

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Embodied carbon now reported on phased basis during construction

In 2024, Derwent updated methodology for reporting embodied carbon on major projects, now recognising it annually on a phased basis over the construction period rather than at project completion. This caused Scope 3 Cat 2 (Capital goods) to jump from 799 tCO2e in 2023 to 19,136 tCO2e in 2024 (+2,295%), driving total Scope 3 up 225% and total emissions up 108%.

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Added best-estimate disclosure for unmanaged (FRI) properties

New in 2024: where the Group does not exercise operational control over utilities (FRI portfolio, retail and residential units), a best estimate of c.7,700 tCO2e (2023: c.8,700 tCO2e) is calculated for completeness, though not included in the formal carbon disclosure.

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PwC appointed for green finance reasonable assurance

In 2024, PricewaterhouseCoopers LLP was appointed to replace the previous assurance provider and provide independent reasonable assurance on green finance metrics under ISAE 3000 (Revised). Deloitte continues to provide limited assurance on environmental and H&S metrics.

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Rolled out new in-house environmental database

In 2024, Derwent rolled out a new in-house developed environmental database, improving data automation, quality and timeliness across the managed portfolio.

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H&S RIDDORs split into Direct vs Indirect categories

In 2024, the Directors agreed to split RIDDORs reported into 'Direct' (where Derwent had/could have had influence) and 'Indirect' categories, improving granularity of H&S reporting.

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Acquired remaining 50% of Derwent Lazari Baker Street Partnership

In October 2024, the Group acquired the remaining 50% interest of the Derwent Lazari Baker Street Limited Partnership from Lazari Investments Limited. From this point forward, the results were consolidated into the results of the Group, affecting year-over-year comparability.

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Near-term SBTi-aligned target: 42% absolute Scope 1 & 2 reduction by 2030

Near-term commitment to reduce absolute Scope 1 and 2 GHG emissions by 42% by 2030 (to 3,161 tCO2e) from a 2022 baseline, and to measure Scope 3 emissions. Long-term: reduce absolute Scope 1, 2 and 3 by 90% by 2040 from 2022 baseline. Company will start reporting on rebased SBTi-verified targets aligned to 1.5°C scenario.

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18.4 MW solar park construction commenced in Scotland

Construction underway on a 100-acre, 18.4 MW solar park in Scotland (total cost c.£17m). On completion in 2026 expected to generate >40% of electricity needs of London managed portfolio.

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Rebased SBTi-verified targets aligned to 1.5°C scenario

Derwent will start reporting on rebased SBTi-verified targets aligned to a 1.5°C scenario, replacing prior pathway baseline references. Tightens scientific alignment.

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see 2 more events →

2023

integrated report ↗

Climate · carbon footprint (tCO2e)

Scope 1	4,364
Scope 2 (market-based)	29
Scope 3	8,010
Cat 1 · Purchased goods	36
Cat 6 · Business travel	58
Cat 7 · Employee commuting	110
Cat 13 · Downstream leased	5,517
Gross carbon footprint	12,403
Net carbon footprint	12,403

Energy (kWh)

Renewable energy %

99%

P&L highlights (USD)

Revenue

212.8M

Balance sheet highlights (USD)

Total assets

4.9B

Events 2023· 7

Scope 1 & 2 emissions increased 31% in 2023

Scope 1 & 2 emissions increased 31% in 2023, principally driven by completion of two large developments (Soho Place W1, The Featherstone Building EC1, Francis House SW1 becoming operational mid-2022 with full year operation in 2023) and a 7% increase in UK grid carbon factor for electricity.

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SBTi-aligned near-term and net-zero targets set (2022 baseline)

Targets set in 2023 under SBTi SME route, 1.5°C aligned: 42% reduction in absolute Scope 1 & 2 by 2030 (to 3,161 tCO2e) from 2022 base year; 90% reduction in absolute Scope 1, 2 & 3 by 2040 with commitment to reach net zero by 2040.

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SBTi near-term target rebased to 1.5°C scenario

Group rebased its near-term science-based target to a 1.5°C climate scenario, updating from the previous 'well below 2°C' target. New target requires 42% reduction in absolute Scope 1 & 2 GHG emissions by 2030 from a 2022 baseline. Baseline year also changed from 2013 to 2022.

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Long-term SBTi Net Zero target approved

Long-term SBTi Net Zero target approved, complementing the rebased near-term target. Aspiration for investment portfolio to operate on net zero basis by 2030.

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Scope 3 coverage expanded to include commuting, business travel and water

Scope 3 coverage increased to include Purchased goods and services (water consumption), Business travel and Employee commuting. 2022 Scope 3 figures restated to reflect this. Employee commuting newly added in 2023 via a survey with 91% response rate.

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Energy intensity methodology revised

Energy intensity calculation methodology updated to more closely align floor areas with energy coverage. Combined with floor area reconciliation, increased reported 2022 energy intensity by 15% (from 123 to 142 kWh/m²). Prior year energy intensity figures restated but not assured.

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First SASB Real Estate Standard report

Produced first report under the Sustainability Accounting Standards Board (SASB) Real Estate Standard, broadening reporting scope.

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2022

Climate · carbon footprint (tCO2e)

Scope 1	3,062
Scope 2 (market-based)	36
Scope 3	38,733
Cat 1 · Purchased goods	38
Cat 6 · Business travel	24
Cat 13 · Downstream leased	4,433
Gross carbon footprint	41,831
Net carbon footprint	41,831

Energy (kWh)

Renewable energy %

99%

2021

sustainability report ↗

Climate · carbon footprint (tCO2e)

Scope 1	3,173
Scope 2 (market-based)	63
Scope 3	8,208
Cat 6 · Business travel	6
Cat 13 · Downstream leased	5,099
Gross carbon footprint	11,444
Net carbon footprint	11,444

Energy (kWh)

Renewable energy %

100%

P&L highlights (USD)

Headcount (FTE)	500people
Revenue	—

Events 2021· 4

Disposal of Angel Square and demolition at 19-35 Baker Street

Energy/emissions reductions from increased occupation were partially offset by disposal of Angel Square and demolition of existing buildings at 19-35 Baker Street development site, affecting period-over-period comparability.

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Realigning SBTs to 1.5°C scenario

Existing science-based targets aligned with 2°C scenario; company is reviewing them to align with 1.5°C climate warming scenario, indicating a tightening of the goal.

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Expanded SECR/Scope 3 reporting detail

In 2021 expanded SECR reporting to provide more detailed perspective on carbon emissions and energy not directly controlled (occupier consumption and downstream leased assets).

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Reasonable assurance by Deloitte over GHG and energy data

Public Reasonable Assurance (ISAE 3000) provided by Deloitte LLP over all Scope 1, 2 and 3 GHG emissions, intensity ratio and energy data.

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2020

sustainability report ↗

Climate · carbon footprint (tCO2e)

Scope 1	3,326
Scope 2 (market-based)	0
Scope 3	7,749
Cat 6 · Business travel	14
Cat 13 · Downstream leased	5,555
Gross carbon footprint	11,075
Net carbon footprint	11,075

Energy (kWh)

Renewable energy %

100%

P&L highlights (USD)

Revenue

204.7M

Events 2020· 9

COVID-19 impact on energy consumption

23% reduction in total energy consumption and 32% reduction in carbon emissions across managed portfolio attributed largely to lower occupancy due to COVID-19 lockdowns. Also required increased fresh air intake (100%) which partially offset reductions.

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Like-for-like portfolio methodology updated

Methodology for determining the like-for-like portfolio adjusted to increase comparability of year-on-year reporting; 2019 data restated.

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NABERS UK 4-star minimum mandate for new developments

Mandated minimum NABERS UK 4-star rating for all new developments and major refurbishments, plus all-electric heating/cooling requirement.

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Acquisition of Blue Star House, Brixton

Acquired Blue Star House in Brixton, beginning new community engagement journey with broader stakeholder group.

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Net Zero Carbon Pathway published - 2030 target

In July 2020 Derwent London published its detailed Net Zero Carbon Pathway, becoming the first UK REIT to do so. Committed to becoming a net zero carbon business by 2030, covering operational and embodied carbon.

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Net Zero Carbon Pathway published (2020), targeting net zero by 2030

In 2020 Derwent published its Net Zero Carbon Pathway aligned to the Better Building Partnership Climate Change Commitment, committing to be a net zero carbon business by 2030. An updated pathway is expected in 2025.

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Net Zero Carbon Pathway published (2030 target)

Derwent London published its Net Zero Carbon Pathway in 2020, committing to operate the investment portfolio (including managed and unmanaged properties) on a net zero carbon basis by 2030. First UK REIT to publish such a pathway.

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Plan to rebase SBTi targets to 1.5°C scenario

Existing science-based targets aligned to 2°C scenario (55% reduction in Scope 1+2 by 2027 from 2013 baseline). Company stated intention to rebase to 1.5°C scenario aligned with net zero by 2030 ambition.

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First carbon offsetting via Natural Capital Partners

Appointed Natural Capital Partners and offset 19,790 tCO2e residual embodied carbon from 80 Charlotte Street development via East Africa community reforestation project (VCS and CCB validated).

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