Workspace delivered a forecast-beating 20% increase in EPRA net asset value in the six months ended 30 September, driven by refurbishments and development activity.
NAV rose to 597p over the period, up from 496p at 31 March.
The business, which provides space in London to new and growing companies, recorded increases across the board, including a 61% hike in pretax profit to £173.7m, a 5.1% increase in total rent to £61.3m and a 15% boost in the value of its estate to £1.2bn.
Chief executive Jamie Hopkins said: “This has been a great first half of the financial year, with continued strong demand and income growth across the portfolio. Our newly opened centres, Pill Box and ScreenWorks, are performing well ahead of expectations, and we have two further business centres opening in Bankside and Wandsworth in the second half of the year.
“We are progressing well with the next phase of our redevelopment and refurbishment activity, and looking to acquire further properties in strategic London locations.”
To fund its 900,000 sq ft refurbishment pipeline, the group this week raised £96m through a share placing.
