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Workspace Group PLC

Investor Presentation • Mar 31, 2011

5282_ip_2011-03-31_ffe7e8db-c750-4746-95a0-21f644e06c00.pdf

Investor Presentation

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Welcome Harry Platt

Financial Performance Graham Clemett

Regeneration Angus Boag

Trading Chris Pieroni

The Future Harry Platt

Q & A

The Workspace Model

To achieve profit and capital growth from:

  • •Providing workspace to SMEs
  • • Investing in properties with potential for
  • Income growth
  • -Capital growth
  • -Alternative use
  • • Increasing scale of portfolio, spreading overheads and developing the brand

Performance Highlights

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Business Overview

Trading Activity

Good demand for space

Continued occupancy growth

Pricing increases are sticking

Debt refinanced

Portfolio Activity

Valuation improving

Achieving planning consents and releasing valueBlackRock Workspace Property Trust established

5

Graham Clemett

Financial Highlights

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* Underlying increase

Trading Profit after Interest

£m

BlackRock Workspace Property Trust

  • •Joint venture with BlackRock UK Property Fund
  • •5 year life, could be extended for further 2 years
  • •Initial equity commitment of up to £100m (Workspace 20.1%)
  • •Seeded with 8 properties with book value of £35m from Workspace
  • •All properties to be branded by Workspace
  • • Acquisition focus is London, opportunities under review and in active negotiation on a number of properties

Balance Sheet

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Movement in Property Valuation

Breakdown of Property Valuation

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Wandsworth Business Village, SW18Aberdeen Centre, N5Bow Enterprise Park, E3 Tower Bridge Business Complex, SE16Grand Union Centre, W10Thurston Road Industrial Estate, SE13Kennington Park, SW9Other

Debt Analysis

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Debt Maturity Profile

Financial Summary

  • •Strong trading performance
  • •Good cash generation
  • •Resumption of progressive dividend policy
  • •Strengthened balance sheet
  • •Growth in valuation driven by added value

Chris Pieroni

OCCUPANCY AND RENT ROLL GROWTHLike-for-Like Occupancy & Rent Roll

OCCUPANCY AND RENT ROLL GROWTHLike-for-Like Occupancy Spread

March 2011

March 2010 Denotes top 20 property by rent roll

2221

OCCUPANCY AND RENT ROLL GROWTHThe Occupancy and Pricing Dynamic

To drive pricing

'the growth pricing premium'

To drive new income

  • •Club Workspace
  • •Anyspacedirect

Angus Boag

TO CREATE VALUE

  • •Alternative uses
  • •New business space for old
  • •Redevelopment

RESULTING IN

  • •Increased rental income
  • •Increased asset value
  • •Release of cash for reinvestment

Achieved last Year

  • •Sales of £9m
  • •Further sales contracted £13m
  • •Redevelopment agreement at Wandsworth Business Village
  • •Planning consent at Bow Enterprise
  • •Planning application Poplar
  • •Consent for 100,000 sq. ft new business space
  • •Development Phase 2 Kennington Park

Targets for Current Year

  • •Complete £13m sales
  • •Redevelopment Agreements at Aberdeen Studios & Highway
  • •Planning Consent for a further 350 apartments
  • •Planning Application for a further 300 apartments
  • •Planning Consent for 30,000 sq .ft commercial space
  • •Significant progress at Tower Bridge
  • •Redevelopment of Canalot Studios

Wandsworth Business Village

Canalot Studios

What does this mean?

  • •Significant upgrading of portfolio
  • •Substantial uplift in asset values
  • •Opportunity to significantly grow the rent roll
  • •Generating cash for reinvestment

Harry Platt

  • •Continuing growth in occupancy – closing the gap to 90% ERV
  • • Redeveloping and regeneration – achieving value and enhancingrental income
  • •Using the brand

The Future – London and SMEs

  • •London is leading the recovery
  • •London is THE global city in an international world
  • • 180,000 SMEs are in our target space. They are energetic, creative and growing. We are creating the right space, environment and community for their businesses to thrive.
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Other OpportunitiesBeing progressed

Strong and committed management team

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