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Workspace Group plc R.E.I.T. ( (GB:WKP) ) just unveiled an announcement.
Workspace Group reported third-quarter trading in line with expectations, showing early progress on its “Fix, Accelerate, Scale” strategy through improved occupancy, stronger conversion of enquiries to lettings and continued disposal of non-core assets. Like-for-like occupancy rose 0.9 percentage points to 81.2%, though like-for-like rent per square foot fell 1.4% and overall rent roll declined 3.1%, largely due to £67.9m of low-conviction asset disposals that helped reduce net debt to £779m and maintain a robust balance sheet with £221m of cash and undrawn facilities and a 35% LTV. The company advanced its portfolio optimisation with several London asset sales at or near book value and completed a refurbishment at Centro Workshops, while rolling out selective capital-light upgrades to high-conviction properties. It also moved to scale its platform via an innovative partnership with Qube to create a content-creator hub at The Old Dairy, signalling a push into new demand segments as incoming CEO Charlie Green prepares to accelerate execution of the strategy.
The most recent analyst rating on (GB:WKP) stock is a Hold with a £433.00 price target. To see the full list of analyst forecasts on Workspace Group plc R.E.I.T. stock, see the GB:WKP Stock Forecast page.
Spark’s Take on GB:WKP Stock
According to Spark, TipRanks’ AI Analyst, GB:WKP is a Neutral.
Workspace Group plc’s overall stock score reflects a stable financial performance with strong cash flow generation but low profitability. The technical analysis indicates a bearish trend, while the valuation is mixed with a high dividend yield but negative earnings. The earnings call and corporate events provide some positive signals, but challenges remain in occupancy and valuation.
To see Spark’s full report on GB:WKP stock, click here.
More about Workspace Group plc R.E.I.T.
Workspace Group plc is a London-focused real estate investment trust and the city’s leading owner and operator of sustainable, flexible workspace. It provides office and studio space primarily to small and mid-sized businesses, with a portfolio strategy centred on high-conviction assets in key urban locations and a growing emphasis on partnerships that broaden its addressable market, including content creator hubs.
Average Trading Volume: 695,927
Technical Sentiment Signal: Hold
Current Market Cap: £804.6M
For detailed information about WKP stock, go to TipRanks’ Stock Analysis page.