Workspace sees good customer demand in Q1 but lettings slip
Flexible office space provider Workspace said on Friday that it saw good customer demand in the first quarter and that it is actively exploring acquisition opportunities.
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In a first-quarter business update, the company said enquiries averaged 1,021 per month versus 1,016, but lettings slipped to an average 88 per month compared to 93 in the same period a year ago.
Workspace completed the acquisitions of Centre 1 & 2 in Camden for £77m in April, completing its purchase of all seven buildings that comprise the Centro estate.
In addition, three refurbishment and development projects were finished in June, with a further six projects due to complete this year.
The company secured planning consents for new refurbishment projects in the quarter and contracts were exchanged for the redevelopment at Marshgate, Stratford.
Net debt as at 30 June was £430m, with loan-to-value at 18% and undrawn facilities of £235m.
Chief executive officer Jamie Hopkins said: "In a year in which we are launching a significant amount of new and upgraded space from our project activity, it is pleasing to see continued strong customer demand driven by our in-house marketing platform.
"With a strong balance sheet, we are excited about the opportunities for further investment in our extensive project pipeline and are actively exploring acquisition opportunities where we believe we can create superior value for shareholders."