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Workspace hit by £40million Q1 revaluation as NAV falls 8.4%
Workspace Group plc, the flexible business space provider which owns and manages London area office properties , reported net rental income of £12.1 million for the first quarter, up 2.5%, helped by continuing strong demand from small and medium-sized enterprises.
The company, which lets space on flexible lease terms to around 4,500 small- and medium-sized businesses in London, said total rent roll was up 8.2% at £52.2 million.
The group's diluted adjusted net asset value per share fell 8.4% in the quarter to £2.85, it said.
The company said today it made a loss before tax of £45.0 million pounds after a CBRE property valuation reduction to £954 million. The company also paid empty rates of £400,000,on it's estate of 107 properties, comprising 93 like-for-like properties and 14 undergoing redevelopment/refurbishment or recently acquired.
The company, which lets space on flexible lease terms to around 4,500 small- and medium-sized businesses in London, said total rent roll was up 8.2% at £52.2 million.
The group's diluted adjusted net asset value per share fell 8.4% in the quarter to £2.85, it said.
The company said today it made a loss before tax of £45.0 million pounds after a CBRE property valuation reduction to £954 million. The company also paid empty rates of £400,000,on it's estate of 107 properties, comprising 93 like-for-like properties and 14 undergoing redevelopment/refurbishment or recently acquired.
Mon, 11th Aug 2008