Breaking News
Investing Pro 0
💎 Access the Market Tools Trusted by Thousands of Investors Get Started

Work Space Group: Quick View

By Edison Stock MarketsJun 14, 2012 11:00AM ET
Work Space Group: Quick View
By Edison   |  Jun 14, 2012 11:00AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
Investment Summary: London Calling
Workspace continues to see the benefits of strong London occupier-demand and of value-creating improvements within its portfolio. The shares offer a 4.3% forward dividend yield and trade at a substantial 27% discount to NAV, a favourable valuation comparison with other London-focused property investments.

Final Results
Workspace has released encouraging final results to March 2012 with adjusted trading profit after interest increasing by 13% to £16.0m and the dividend increased by 10% to 8.8p per share. EPRA NAV increased by 8% to 308p, helped by an outperformance of the property portfolio that increased by 5% in value. The balance sheet is in good shape with an undemanding portfolio LTV of 41%.

Benefiting From A Strong London Economy
The company has continued to see the benefit of strong economic growth in London and tenants looking for value and quality in choosing new space. Portfolio occupancy (like-for-like) has increased progressively from 83.4% in March 2010 to 87.8% as at March 2012, with y-o-y enquiries up 5%. In turn, this has driven continued uplift in the cash rent roll up from £42.5m to £44.5m along with higher rental values being achieved.

Value-Added Development Pipeline
In addition to encouraging space take-up within the established portfolio, the company is also looking to improve rents and create new value from redevelopment activity. Six projects for refurbishment are starting this year, with a further nine in the pipeline along with two mixed-used redevelopment schemes.

Valuation: Attractive
Workspace looks well placed to benefit from the continued strength in both the London economy and occupier market. The shares offer a 4.3% dividend yield and trade on a 27% discount to 2012 NAV. This presents a good opportunity to access further growth in London property values, particularly when compared with other London property plays, such as Shaftesbury, which trades on a 5% NAV premium.

To Read the Entire Report Please Click on the pdf File Below.
Work Space Group: Quick View

Related Articles

Work Space Group: Quick View

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.
  • Any comment you publish, together with your profile, will be public on and may be indexed and available through third party search engines, such as Google.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at’s discretion.

Write your thoughts here
Are you sure you want to delete this chart?
Post also to:
Replace the attached chart with a new chart ?
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Are you sure you want to delete this chart?
Replace the attached chart with a new chart ?
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
Sign up with Email