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It’s all so 2009. Collecting a div while you wait for recovery in London property market.
WKP was a safe place to wait last time and remain well managed to do it again, with a resilient trading model and no carbuncle buildings on the books to drag them under.
Welcome increase in dividend but still less than pre COVID levels.
Nd
Wrong bo
Will try to buy a few more on any dips.
Looks very cheap relative to size of contract. Am already in Wood Group.
All IMHO DYOR
Happy
Nice to see this above a fiver again. Hope the trend continues.
Only Hammerson has a lower Price to Book in the Uk Main Reit Market, I started buy at P/B 0.50 which I thought was a safe move
70% crash in London property required for this SP. Hmmm
that everyone has deserted the offices in London and gone back to working from home with this continual decline in share price. WTF
When this has doubled because London never did collapse, all the lemmings will turn up to buy it.
Looks like Mr Market really wants this sub £5!
I am buying a chunk at these prices. No need to wait for disaster induced BofA price. Even if it takes London to 2030 to recover from pandemic and office prices to return to prepay levels, WKP could see asset value of £15, and that would be a near 15% pa compounded return NOT including dividends.
If BofA had a brain they would be saying it is the buy of the century.
So true but I would be buying another chunk of WKP at that target price if it falls to that level.
BofA target price of 450 suggests a 50% write down of London property.
Strange how those half price properties never seem to get to market so we can buy them.
Nd agreed, at last we can see sp approach £10 again as folks go back to work and the Workspace business model starts to benefit again. Here's to full occupancy and high rentals in '22
Mega
Quite satisfactory. Improvement should continue over the coming quarters.
Nd
I don't think we'll see the pre CV price in 2022. NAV took too much of a hit and offices will still have a faint whiff about them. If we can climb up through the £10 next year I'll be happy. Then looking for a jump to £15 as London real estate gets revalued and investors reassess the workspace difference of offices for the new way of working..
Always lurking in the background are Blackrock buying it out. They already own over 8% so interested. I would look for an offer around £12.
Distinct signs of recovery back to pre CV price? What do you all think?
Blackrock adding a few more. Wouldn’t be surprised if they bought it out one day. Just completed St Modwen sale to them. UK commercial property seems to be of interest.
Workspace Group has sold 13-17 Fitzroy Street in the Fitzrovia district of London’s West End for £92m. - just announced by Property Week - thought I'd share it.
WKP is set fair to profit from changed working practices or a return to pre-pandemic practises. Win win.
Will just take a little time for that to be reflected in the valuations.
WKP had a great rising share price until lock down Mar 20, since then, has certainly suffered. Some of the typical businesses that WKP serve will start to make a move back to the office soon. Lots of positive chatter about the negatives of home working and the government starting to ramp up pressure to go back in. All good for WKP and others like this. The debate surrounding isolation at home of those refusers will begin to impact their working relationships and ability to compete and contribute. It is a false hope to stay at home and expect to and opportunities as before the pandemic.
Recovery here is starting I think, for WKP it is going to be all about bums on seats and flexibility.
Holding until plus £15!
Good luck everyone. Like to hear your thoughts on this very empty chat ....
Goldman Sachs CEO calls work from home an aberration that will be reversed as soon as possible. He won't be alone.
I anticipate good things for commercial property values ahead.
My price target is £15 within 3 years.
This year may be a laggard, and maybe even some writedowns, but next year will be a reversal write-up (assuming no virus restrictions) and the year after will get London commercial property values beyond pre-pandemic, where we were rattling up to £13.
During this period, WKP carry on improving the properties and adding further value. £15 may be too low.
15/01/2021 JPMORGAN RAISES WORKSPACE GROUP PRICE TARGET TO 855 (820) PENCE - 'OVERWEIGHT'
Awesome stuff. I stuck at my shares but didn't top up when we were at around 400p a share. Hindsight is a wonderful thing, but happy I didn't bail out all the same. Their assets speak for themselves, so no real risk in having shares with WKP. Lets see how we do.