Until this summer, Workspace (WKP) was the London property company the market ignored. Yet over the past half-year the shares have raced ahead and now trade at a tight discount to net asset value (NAV). Do the numbers live up to investors’ high expectations?
IC TIP:
Buy
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305p
In the main, yes. Adjusted NAV rose 3.6 per cent over the six months to end-September driven entirely by property revaluations. Chief executive Jamie Hopkins says about half of the uplift came from the development and refurbishment pipeline, while the other half came from increased rent and occupancy in the like-for-like investment portfolio - the kind of balanced, sustainable growth most property companies can only dream of in the current climate.