15th Jul 2015 06:46
LONDON (Alliance News) - FTSE 250-listed property company Workspace Group PLC on Wednesday said its total rent roll increased in the first quarter of its financial year, with its like-for-like rent roll and rent per square foot also both higher, though its occupancy rate fell slightly in the period.
Workspace said its total rent roll in the three months to the end of June was up 8.9% to GBP75.6 million. Its like-for-like rent roll increased by 4.5% in the quarter and has increased by 17.7% in the year to the end of June. The group's like-for-like rent per square foot increased 6.1% in the quarter to GBP19.49 and is up by 17.8% over the year.
The group's occupancy rate at the end of June was 90.7%, compared like-for-like to 92.2% at the end of March. It acquired two properties, in Clerkenwell and Islington, in the quarter, and sold four industrial estates via its joint venture with US fund manager BlackRock Inc.
"The strong rent roll growth we delivered last year has been sustained in the first quarter, driven by continued high demand from new and growing companies and further uplifts in pricing across the portfolio," said Chief Executive Jamie Hopkins.
"The two acquisitions, four disposals and two planning consents we have achieved since April are testament to our strategy of active portfolio management and value creation as we continue to deliver superior returns for shareholders," Hopkins added.
By Sam Unsted; [email protected]; @SamUAtAlliance
Copyright 2015 Alliance News Limited. All Rights Reserved.
Related Shares:
Workspace