Workspace Group today reported a £1.1m rise in its rent roll to £50m for the six months ended 30 September 2011.
Net asset value per share increased by 4p to £2.90, while its underlying property valuation rose by 2.2%, to £733m.
The group reported an increase in overall occupancy levels, including refurbished and redeveloped properties, from 83.6% at March 2011 to 85.2%.
Pre-tax profit fell slightly to £16.9m, compared with £18m for the same period a year earlier.
In July 2011, Workspace raised £63m in a rights issue to invest in its portfolio.
A number of refurbishment projects are underway, with a capital expenditure of £8m in the six months.
Outgoing chief executive Harry Platt said: “During the period we have successfully driven occupancy and rent roll and accelerated our programme of refurbishment and repositioning initiatives.
“We are mindful of the broader economic environment but continue to see, since the half year end, good customer demand and positive KPIs.”
Chairman Daniel Kitchen added: “We are in the process of appointing a replacement for Harry as chief executive and expect to be in a position to announce his successor early in the New Year and so ensure an orderly transition during the first half of 2012.”
Nick.whitten@estatesgazette.com
