Workspace announces NAV rise and share placing

Centro Buildings, Camden, London

Flexible office provider Workspace has reported an annual rise in EPRA NAV per share of 8.8% to £10.37 and announced a share placing to help fund new acquisitions.

The company also reported a 20% increase in adjusted trading profit to over £60m in the year to 31 March, driven by 21% net rental income growth.

Workspace’s project pipeline is expected to deliver 773,000 sq ft of both new and upgraded space at an estimated cost of £152m in the coming year and to finance the cost, the group has proposed a placing representing about 9.96% of market capitalisation.

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