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Workspace Group PLC on Thursday said rent increased in its second quarter and half-year
Workspace is a London-based real estate investment trust. Its shares were 0.1% lower at 343.00 pence each in London on Thursday morning.
Total rent roll grew 2.4% to £134.7 million at September 30 from £131.6 million at March 31, with the latter being adjusted for the acquisition of London property firm McKay Securities PLC.
In the second quarter that ended September 30, rent per square foot rose 1.3% to £38.59 from the first quarter on a like-for-like basis. Compared to half a year ago, it increased by 4.0%. Like-for-like rent roll up rose 3.6% in the first half to £94.5 million.
Demand at recently completed projects was ‘strong’, with occupancy climbing 2.7% in the second quarter and 7.5% in the first half, to 77%.
The company noted that the acquisition of McKay Securities, first announced in March, was largely complete and performing ahead of original expectations. Workspace bought former London listing McKay for £272 million in cash and shares.
‘Our trading performance in the first half of the year has been good with resilient demand, stable occupancy and improving pricing levels. It's a testament to our understanding of the needs of our small & medium-sized enterprises customer base who want flexible, quality space at competitive prices - which we can offer in a unique portfolio of well-located properties across London,’ stated Chief Executive Officer Graham Clemett.
Looking ahead, Workspace expects its £55 million sale of Riverside property to complete in December.
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