14th Jul 2016 06:40
LONDON (Alliance News) - Workspace Group PLC on Thursday said its total rent roll increased in the first quarter of its financial year with like-for-like rent roll and rent per square foot also both higher, though it said it was monitoring the impact of the UK's vote to leave the European Union "closely".
The FTSE 250-listed flexible office-space provider said its total rent roll in the three months to the end of June was up 4.9% to GBP82.0 million, from GBP78.2 million from the end of March.
Its like-for-like rent roll increased by 2.0% to GBP46.8 million in the quarter and like-for-like rent per square foot rose 3.0% to GBP22.69, from GBP22.04 at the end of March.
The group's occupancy rate at the end of June was 89.6%, compared like-for-like to 90.8% at the end of March.
The company said it concluded its BlackRock Workspace Property Trust joint venture during the period, with the same of the remaining eight properties in May and June for GBP131.0 million.
"The company has had an active quarter and a good start to the new financial year. Like-for-like rent roll has continued to grow and the pace of letting at our new and refurbished business centres has been very strong," said Chief Executive Jamie Hopkins.
"The full impact on the UK economy of last month's EU Referendum is as yet unknown and we will continue to monitor the situation closely. However, I believe that Workspace, with its strong balance sheet, recognisable brand and compelling customer offer is well placed to take advantage of opportunities to continue to grow the business and deliver shareholder value," Hopkins added.
By Hannah Boland; [email protected]; @Hannaheboland
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