Active portfolio management
- Continued to execute our project pipeline, with ongoing refurbishments at Parkhall Business Centre, Pall Mall Deposit, Westbourne Studios and Barley Mow Centre
- Obtained planning consent for Riverside, a major mixed-use redevelopment in Wandsworth, to deliver a new 104,000 sq. ft. business centre and 65,000 sq. ft. of new light industrial space, as well as 402 residential apartments
20/21 achievements
- Obtain planning consents for Morie Street and Havelock Terrace
- Progress refurbishments of Leroy House and The Biscuit Factory
- Sale of residential components at Riverside and Highway Business Park
21/22 aims
Efficient, scalable operating platform
- Ensured customers have the right space, enabling them to expand or contract in line with their business needs
- Continued to generate enquiries and manage viewings and lettings despite very challenging operating environment
20/21 achievements
- Complete trial and launch customer app to improve engagement and enhance customer experience
21/22 aims
Prudent financing and strict investment criteria
- Strengthened the balance sheet with the issuance of Workspace’s first green bond, raising £300m of debt, extending our maturities and reducing cost of debt
- Maintained low LTV of 24%
20/21 achievements
- Deploy green bond proceeds
- Increased liquidity gives us significant firepower to progress our refurbishment and redevelopment pipeline and pursue acquisition opportunities
21/22 aims
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Case study
£300m green bond issuance
Sustainability has long been at the heart of what we do at Workspace, with our focus on employment-led regeneration of parts of London. As we considered our refinancing plans this year, it was therefore a natural step to look at green finance.
We issued our first green bond, and indeed our first public bond, in March 2021, raising £300m to finance and refinance eligible green projects. We had significant interest from fixed income investors and the bond was oversubscribed.
The successful issuance has further strengthened the balance sheet, extending our maturities and reducing cost of debt, while also aligning our financing strategy with our broader sustainability goals.