Workspace 3-Mos Total Occupancy Up 0.8% To 82.7%

27th Jul 2010 11:10

LONDON (Dow Jones)--Workspace Group PLC (WKP.LN), London's flexible business space provider, total occupancy was up 0.8% to 82.7%, in the quarter ended June 30, adding that current trading was stable and remains cautious on the economic outlook. MAIN FACTS: -Comparable occupancy of 88 properties up 0.9% in the quarter to 84.9% -Total cash rent roll up 1.0% (GBP0.5 million) in the quarter to GBP51.2 million. -Property valuation of GBP725 million versus GBP717 million at March, with underlying valuation up 0.9% in the quarter. -Refinancing of GE debt completed. -Broadened lender base and increasing the maturity of debt to over four years. -Well placed to create significant value when any sustained recovery in confidence develops, from both existing properties and new opportunities where asset management skills can be applied -The company is seeing good demand for space with some reduction in enquiries as churn levels have moderated. -Pricing is stable with the cash rent per square. ft at GBP11.26 compared to GBP11.22 at March 2010. -Shares at 1010 GMT down 0.25 pence, or 1.25%, at GBP19.75 pence, valuing the company at GBP227 million. -By Razak Musah Baba, Dow Jones Newswires; 44-20-7842-9275; [email protected] (END) Dow Jones Newswires July 27, 2010 06:10 ET (10:10 GMT)