London developer Workspace (WKP) followed up a stellar 43 per cent rise in adjusted net asset value in its previous full-year results with a near identical 42 per cent gain in the year to March 2015. This impressive rise was mainly thanks to a 30 per cent uplift in the portfolio valuation to £1.42bn.
This helped to drive down the loan-to-value ratio from 31 per cent to just 19 per cent, while other performance metrics completed the buoyant picture. Net rental income jumped by 15 per cent to £57.7m, and like-for-like rent forged ahead by 16 per cent to £18.37 per sq ft. To meet the growing demand from small and medium-sized enterprises (SMEs) for quality office space in and around London, the group acquired five new properties during the year, and two further acquisitions after the March year-end. It now has around 90 properties across London, proving space for 4,000 SMEs.