BE Offices has posted an uplift of 13% in turnover, rising to £34.2m for the year ending 2017.
The flexible workspace provider reported an EBITDA north of £5m, driven by continuing operations, while also increasing to 19 centres and new sectors.
BE’s flexible floorspace increased to almost 800,000 sq ft, and the company said it is on track to exceed 1m sq ft during 2019. It acquired co-working business Headspace and launched larger corporate occupier brand BESpoke.
Last month, BESpoke leased 20,000 sf ft in Belfast and it is also under offer on 100,000 sq ft of managed workspace in Dublin, Mayfair and Cardiff, among other locations, with plans to expand further into Europe.
It has upgraded its stock and completed its sale and leaseback programme and completed sales of Royal Exchange Avenue and Wembley for more than £50m.
Simon Rusk, BE’s finance director, said: “This has been a year of significant change, positioning the company for accelerated growth in 2019 and onwards, including the rationalisation of non-core centres and the refinancing of our senior debt to stabilise the long-term funding position.”
Rusk said the increase of investment in the existing portfolio reflects the global shift in work patterns and the corporate view of flexible space. He added that this growth has attracted new entrants from property investors to private equity players.
He said: “The components of the flexible offering important to the end user have become increasingly more acute with service, interior design and community at the forefront.
“We are focusing on these criteria as part of the refurbishment of our existing portfolio and proposed new centres.”
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