RNS Number : 9491Z
Workspace Group PLC
16 January 2020
16 January 2020
Workspace GROUP PLC
THIRD Quarter business update
GOOD MOMENTUM INTO THE FINAL QUARTER
-- Strong customer demand in the third quarter with enquiries
averaging 1,001 per month (Q3 2018/19: 907) and lettings of 113 per
month (Q3 2018/19: 98).
-- One property exchanged for sale in the quarter for GBP15.8m,
a 3% premium to the September 2019 valuation.
-- Launch of our new 55,000 sq. ft. business centre, Mare Street
Studios in Hackney, expected in March 2020.
-- Pro-forma LTV of 21% at 31 December 2019, based on the
September 2019 valuation, with cash and undrawn facilities of
Graham Clemett, Chief Executive Officer, Workspace Group PLC,
"This was a very encouraging third quarter for the Company.
Despite the uncertainty around the general election and the usual
seasonal impact, enquiries and lettings were strong. Customer
demand in the first few weeks of the new year suggest that
increased political certainty following the election result has
buoyed business confidence.
"Our completed projects are letting up well with a robust
pipeline of project activity. We continue to monitor acquisition
opportunities while remaining disciplined in our return criteria.
We look forward to delivering continued progress for the full year
in line with expectations."
Enquiries and Lettings
We saw strong levels of demand for space through what is
seasonally the quietest quarter of the year, with enquiries
averaging 1,001 per month and lettings 113 per month.
Average number 31 Dec 30 Sep 30 Jun 2019 31 Mar 31 Dec
per month 2019 2019 2019 2018
Enquiries 1,001 1,158 1,060 1,244 907
Lettings 113 134 121 130 98
---------------- ------- ------- ------------ ------- -------
Into the new year we have seen a noticeable increase in
enquiries and viewing activity, which hopefully reflects improved
business confidence following the general election.
In November 2019, we exchanged contracts for the disposal of
Quality Court, off Chancery Lane in Holborn, for GBP15.8m, at a 3%
premium to the 30 September 2019 valuation, a net initial yield of
4.3% and a capital value of GBP930 per sq. ft. Completion is
expected in January 2020.
We expect to open our new business centre, Mare Street Studios
in Hackney, in March. This will provide 55,000 sq. ft. of
high-quality business space. A further four refurbishments and four
redevelopments are underway which will deliver 254,000 sq. ft. of
new and upgraded space.
Net debt reduced by GBP46m in the quarter to GBP551m, with cash
balances and undrawn facilities of GBP157m as at 31 December
The pro-forma loan to value (LTV) based on the 30 September 2019
property valuation is 21% (30 September 2019: 22%).
On 16 December 2019 we announced that Daniel Kitchen will be
stepping down from the Board at the 2020 Annual General Meeting,
after nine years in the role as Chairman of Workspace. An
externally supported search process, led by our Senior Independent
Director, Chris Girling, is now underway to appoint his
- ENDS -
For further information, please contact:
Workspace Group PLC 020 7138 3300
Cynthia Alers, Interim Head of Investor Relations
Edelman 020 3047 2546
Notes to Editors
About Workspace Group PLC:
Established in 1987, and listed on the London Stock Exchange
since 1993, Workspace owns and manages some 4 million sq. ft. of
business space in London. We are home to thousands of businesses,
including fast growing and established brands across a wide range
Workspace is geared towards helping businesses perform at their
very best. We provide inspiring, flexible work spaces in dynamic
Workspace (WKP) is a FTSE 250 listed Real Estate Investment
Trust (REIT) and a member of the European Public Real Estate
Workspace(R) is a registered trade mark of Workspace Group Plc,
For more information on Workspace, please visit
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(END) Dow Jones Newswires
January 16, 2020 02:00 ET (07:00 GMT)
Gráfica de Acción Histórica
De Jul 2020 a Ago 2020
Gráfica de Acción Histórica
De Ago 2019 a Ago 2020