Workspace Group PLc (LON:WKP) today announced first quarter business update
HIGHLIGHTS
· Good customer demand in the first quarter with enquiries averaging 1,021 per month (2017/18: 1,016) and lettings averaging 88 per month (2017/18: 93).
· Acquisition of Centro 1 & 2, Camden, for £77m completed in April 2018.
· Three refurbishment and redevelopment projects completed in June 2018, with a further six projects expected to complete during this financial year.
· Three planning consents for new refurbishment projects obtained in the quarter and contracts exchanged for the redevelopment at Marshgate, Stratford.
· 9.96% equity placing completed in June 2018, raising gross proceeds of £179m.
· LTV of 18% at 30 June 2018, based on March 2018 valuation, with cash and undrawn facilities of £235m.
· Contracts exchanged for the disposal of three small office properties for £52m in July 2018. This disposal would reduce the LTV at 30 June 2018 to 16% on a proforma basis.
Jamie Hopkins, Chief Executive Officer, Workspace Group PLC, commented:
“In a year in which we are launching a significant amount of new and upgraded space from our project activity, it is pleasing to see continued strong customer demand driven by our in-house marketing platform. With a strong balance sheet, we are excited about the opportunities for further investment in our extensive project pipeline and are actively exploring acquisition opportunities where we believe we can create superior value for shareholders.”
