Business
Trading Update
Trading Update.
About this update from Workspace Group Plc
[{"type":"text","content":"\n \nRNS Number : 1281E Workspace Group PLC 14 July 2016 \n\n14 July 2016\n \n \nWORKSPACE GROUP PLC\n \n \nQ1 TRADING UPDATE\n \n \n CONTINUED GROWTH THROUGH PERFORMANCE\n \nWorkspace Group PLC (\"Workspace\"), home to new and growing companies across London, announces its trading update covering the period from 1 April 2016 to the date of this announcement, including the operational statistics for the quarter to 30 June 2016.\nHighlights\n Operating Performance\n \n\n\n\n\n \n\n\n \n\n\n\n\n· \n\n\nTotal rent roll up 4.9% (£3.8m) to £82.0m (31 March 2016: £78.2m) \n \n\n\n\n\n· \n\n\nLike-for-like rent roll up 2.0% (£0.9m) to £46.8m (31 March 2016: £45.9m)\n \n\n\n\n\n· \n\n\nLike-for-like rent per sq. ft. up 3.0% to £22.69 (31 March 2016: £22.04)\n \n\n\n\n\n· \n\n\nLike-for-like occupancy at 89.6% (31 March 2016: 90.8%)\n \n\n\n\n\n· \n\n\nRent roll at completed refurbishment and redevelopment schemes up 22.8% (£3.1m) to £16.4m\n \n\n\n\n\n \nActive Asset Management \n \n\n\n\n\n· \n\n\nConclusion of the successful BlackRock Workspace Property Trust (\"BWPT\") joint venture with the sale of the remaining eight properties in May and June 2016 for £131m, in line with March 2016 valuation\n \n\n\n\n\n· \n\n\nPerformance fee of £25m received by Workspace in June 2016 as a result of the strong returns achieved over the five year life of the BWPT joint venture\n \n\n\n\n\n \nFinancing\n \n\n\n\n\n· \n\n\nConservatively financed with a proforma LTV at 30 June 2016 of 12% (31 March 2016: 16%) based on the property valuation at 31 March 2016\n \n\n\n\n\n· \n\n\nCash and undrawn facilities of £196m at 30 June 2016 (31 March 2016: £134m) with marginal cost on debt of 1.8% \n \n\n\n\n\n \n \nCommenting on the results, Jamie Hopkins, Chief Executive Officer said:\n \n\"The Company has had an active quarter and a good start to the new financial year. Like-for-like rent roll has continued to grow and the pace of letting at our new and refurbished business centres has been very strong. We also concluded our successful joint venture with BlackRock in the quarter, selling the remaining properties and receiving a significant performance fee. \nThe full impact on the UK economy of las...