Workspace reported robust demand for its London-focused offices and industrial parks with headline rental income up some 10% on a year before. Financial Times
But shares in the FTSE 250 group closed down 22.5p, or more than 7%, at 280p amid wider fears of a plunge in property markets.
Workspace said reversionary yields on its £1bn portfolio had risen 18 basis points to 6.7% – or an initial yield of 4.8% – in the six months to September 30. The trend was likely to continue a 'little bit', said Harry Platt, chief executive.
Rising rents had counteracted this to some extent. Diluted adjusted net asset value of 343p was down 3% on June but up 2.1% over the interim period.
Pre-tax profit on trading operations was £7m (£5.1m). An interim dividend of 1.52p (1.38p) is declared.