22nd Jan 2016 07:24
LONDON (Alliance News) - Flexible office space provider Workspace Group PLC on Friday said its rent roll increased in the third quarter and said its occupancy rate recovered marginally from the end of the first half, though remains down for the first nine months.
The FTSE 250-listed group said its total rent roll rose 2.3% in the quarter to the end of December to GBP80.8 million, meaning it has increased 16%, or by GBP11.4 million, in the nine months to the end of September.
Its like-for-like rent roll increased 2.3% in the quarter, up by GBP1.1 million to GBP49.9 million, and has increased 11%, or by GBP5.0 million, for the nine months.
Workspace said its like-for-like occupancy rate was 91.2% at the end of December, up from 91.0% at the end of September, the close of its financial first half, though still marginally down from the 92.2% at the end of March 2015.
The company completed two refurbishments and one new building in the quarter and made three acquisitions for a total of GBP50.0 million, plus GBP30.0 million in disposals from the sale of two industrial properties.
"It's been another very active period for Workspace with three new business centres delivered from our refurbishment and redevelopment programme, investment in three targeted acquisitions and a further recycling of capital from the sale of industrial properties," said Chief Executive Jamie Hopkins.
"We continue to see strong levels of customer demand for our high quality space, with our new business centres letting up quickly, as well as solid growth in pricing levels across the portfolio. Enquiry and letting activity has also picked up significantly in the New Year, ensuring the business is well positioned for continued growth," he added.
By Sam Unsted; [email protected]; @SamUAtAlliance
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