Workspace Q3 NAV rises 14%

Date: Wednesday 03 Feb 2010

Small business landlord Workspace said its net asset value per share during the third quarter rose 13.6% and total property valuation increased nearly 18% from the previous quarter.

The group, which provides commercial properties to small and medium sized enterprises in and around London, said like for like occupancy rose 1.3% from the lowest levels in March 2009 to 84.2%.

Underlying valuation excluding the effect of acquisitions, disposals and capital expenditure rose 4%, the group said.

"Targeted sales have been achieved at good yields without compromising the quality of the portfolio," said chief executive Harry Platt in a company statement.

The number of lettings per week averaged 25 during the third quarter.

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