UPDATE: Flexible office space provider Workspace has announced a 16% hike in net asset value to £4.04 a share in its half-year results.
The company also said its underlying property valuations were up 12% or £96m to £921m in the six months to the end of September.
Workspace also announced growth in its rent roll, which was up by 3.8% to £45.9m, with rents rising by 2.6% to £14.37 and occupancy increasing from 89.9% to 90.9%.
During the period the firm won planning consent at three properties for 1,340 flats and agreed the sale of the 800-flat redevelopment of the Biscuit Factory, SE16, to Grosvenor.
It also announced the purchase of Verulam House, Gray’s Inn Road, WC1, this month for £18m.
Workspace said it had successfully refinanced all borrowing facilities on an unsecured basis, extending average maturity of debt to more than seven years.
It has a loan-to-value ratio of 35%, down from 40% in March, and has £86m of available facilities and cash.
Chief executive Jamie Hopkins said: “Workspace has had a productive first half of the year and this strong set of results reflects good momentum across all areas of the business.
“I believe that our strategy of owning the right properties, targeting and building direct relationships with customers, as well as intensively managing our portfolio continues to deliver value for our shareholders.
“Demand from new and growing businesses across London remains strong and as well as continuing to make very good progress with our refurbishment and redevelopment activity.
“I am also very pleased to announce the purchase of Verulam House on Gray’s Inn Road, WC1. This acquisition fits extremely well within our portfolio and we remain active in targeting other strategic acquisition opportunities where appropriate.”
