Workspace posts rise in first-quarter rent roll

FTSE 250 flexible office space provider Workspace reported a rise in first quarter total rent roll on Thursday and said it was keeping a close eye on the impact of the UK’s vote to leave the European Union.

For the period from 1 April to date, total rent roll was up 4.9% to £82m, while like-for-like rent roll was 2% higher at £46.8m.

LFL rent per square foot was up 3% to £22.69 while LFL occupancy stood at 89.6% compared to 90.8% at 31 March.

During the period, Workspace concluded the BlackRock Workspace Property Trust joint venture with the sale of the remaining eight properties in May and June 2016 for £131m, in line with the March 2016 valuation.

Chief executive officer Jamie Hopkins said: “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.

“The full impact on the UK economy of last month's EU referendum is as yet unknown and we will continue to monitor the situation closely. However, I believe that Workspace, with its strong balance sheet, recognisable brand and compelling customer offer is well placed to take advantage of opportunities to continue to grow the business and deliver shareholder value."

At 0820 BST, Workspace shares were up 0.8% to 680p.