Workspace GROUP PLC
Interim Management Statement
Workspace Group PLC ("Workspace"), London's leading provider of space to new and growing companies, announces its Interim Management Statement relating to the period from 1 October 2012 to the date of this announcement. This includes the trading statistics for the third quarter and valuation as at 31 December 2012.
Demand for space remains strong with like-for-like rent roll up 1.4% (£0.6m) in the quarter to £44.2m and up 4.5% (£1.9m) in the financial year to date. Total rent roll is £51.0m (March 2012: £50.2m).
Like-for-like occupancy is now 89.6%, up 0.8% in the quarter and up 1.9% in the year to date.
Our London property portfolio is valued at £799m, an underlying increase of 1.5% (£11m) in the quarter and 3.6% (£28m) since March 2012.
Net initial yield is 7.1% (March 2012: 7.1%) and the average capital value is £168 per sq. ft. (March 2012: £152 per sq. ft.).
Commenting on the results, Jamie Hopkins, Chief Executive Officer said:
"I am extremely pleased to report another strong quarter's results with good increases in both like-for-like occupancy and rental income. It is encouraging that this strong level of customer demand has continued into the current calendar year. Our market knowledge and focused asset management strategy continues to drive momentum in the business and shareholder returns."
"Our total property valuation has also increased; benefiting from an improved operating performance alongside the uplift in value achieved from our on-going programme of refurbishment and redevelopment. Tailoring and upgrading our properties in order to attract our customers is proving successful and remains a priority."