Workspace posts positive quarter results thanks to rental growth

22nd Jan 2015 12:04

Office space provider Workspace Group said it enjoyed a good quarter of rental growth during the last quarter of the year.Total rent roll increased 5.1% to £64.4m during the quarter, while like-for-like occupancy was at 92.6%, up from 90.6% the quarter before.The group said it raised £98.5m in a "successful" placing of shares and completed three acquisitions during the period worth £61m.Chief executive Jamie Hopkins said: "This was another good quarter of rental growth, with continued strong demand for space at our properties from a diverse range of new and growing companies across London."In addition we continue to advance our planned refurbishment and redevelopment projects which will provide a significant amount of new and upgraded space for our customers and create further value for our shareholders."The FTSE-250 company announced on Wednesday the acquisition of two London buildings that it said were in areas of strong demand and will enhance earnings.Workspace spent £25.3m with the acquisition of Edinburgh House, near the Oval cricket ground in Kennington, and £6.1m on Peer House on Gray's Inn Road.Oriel analysts said: "We believe the company remains well placed to take advantage of good tenant demand given the improving UK economic environment, and it has sufficient firepower to continue to deliver new and improved space from its development projects."Shares were down 0.57% to 787p on Thursday at 12:26.