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It is entirely London Centric, being small serviced offices in good areas of London. It's a quality business that obviously got hit hard in the lockdowns, so the div was slashed. Div level will return as occupancy gets back to pre pandemic levels. Serviced offices are proving popular even with remote working still a thing.
They have a good track record of buying properties and redeveloping to add significant value.
Cap gain is the bigger interest than divs. The enlarged group will have over £10 NAV per share, currently trading at £6.88. £15 within 3 years is not a long shot. Over 100% cap gain in 3 years from a REIT.
The div has always been just a nice extra with Workspace. Should yield about 4% when things get back to proper normal.
Blackrock increased their holding recently.
Im not familiar with Workspace. Just had a quick look and seems very London centric and has a very low divi yield.
Whats the chance hanging around for a better offer ? or just cut and run?
Doesnt seem overly generous
Wow quiet forum. Welcome to workspace group if anyone is still here. If you don’t know it, it’s a very well managed serviced offices group.
Presumably doubts over ability to let Theale Logistics Park (134,000 sq ft) in the current climate?
Half year results due out on Monday; we should get an updated NAV estimate
According to the latest RNS on 14DEC the NAV was £2.89, ( a reduction of 2%). Not that it matters much as MCKS seem to be in the Doldrums at the moment, hoping for a fair wind in the not to distant future.
With NAV per share at end of September of 2.95, current share price shows a very significant discount even after adjustment in values following Brexit in June
The SP has fallen considerably since the Brexit vote, but some Directors, like myself fell that this has been overdone.I don't see our income falling, although new lettings may not get the high rents which may have been anticipated. Seems very good value at the current SP
Good capital profit on the 2 sales announcements - not reflected in today's share price
Why are we back to Jan 2015 levels?
Seems good; but no trades yet! Rents achieved substantially above previous estimates. What's there not to like?
Due next week? Last year we had one on 24th February.
I would have thought the announcement this morning was very positive, yet the SP fell by 5p, albeit on small trades. Not many contributors on this site - I feel I am talking to myself!
Interesting to note that after hours today, Friday, over 132k shares shown as bought on Wednesday at £2.55+, Those are significant trades on MCKS
Final div is 6p
Went ex final div today
The day started with trades @ 248/250 ............. should have been 240/250
Can someone please enlighten me! Today it shows on here virtually an all BLUE day so far apart for one trade at 8.52am. The day started with trades @ 248/250 but now we are @ 240/246. I have noticed the trades are in blocks of varying amounts but in very close time frames. I just dont understand ! Any explanation gratefully received! Thanks in advance FD
Today's up-date seems positive
IMS last year was published on 29 Jan No date in the Financial Diary for this year Any news?
Well re-let is a bit of an overstatement .Renegotiated lease to existing occupier few steps forward and several back massive rent free period foregoing income already certain In addition bonus prize of longer lease tarnished by leasebreak clause Seems all their relettings involve substantial rent freep eriods indicative of the climate. More concerning is potential cap ex on these types of buildings which are getting long in the tooth just to stand still on income
McKay Securities, a commercial property developer, has re-let its 100,000 square foot large office property in Glasgow city centre to the Student Loans Company, which now occupies the building as its main head office and administration centre. Its existing leases were due to expire in December 2013 and it has now agreed with McKay to enter into a new lease for the whole building, extending its occupation for up to 10 years. In December 2013 the Student Loans Company will pay an annual rent of £1.97m, subject to a 15 month rent-free period.
http://www.investegate.co.uk/Article.aspx?id=201106020700096815H
McKay Securities profits fall Date: Thursday 02 Jun 2011 LONDON (ShareCast) - The so-called north-south divide has been a common theme in company results lately, but commercial property developer McKay Securities pointed to the differing pace of recovery between London and the rest of the South East as it delivered full-year results. Pre-tax profits for the year to 31 March came in at £4.5m, down from £15.3m the previous year due to reduced valuation gains. The total dividend for the year edges up to 8.3p from 8.2p. “Over the year there has been continued improvement across all the Group's markets, with the pace of recovery in central London greater than in the South East,” the company said. “Improving rental values and diverse investor demand generated income and contributed to capital growth within the group's central London office portfolio.” The company, which has properties in locations such as the City of London, Croydon, Reading and Staines, said the potential of its portfolio will be released once the pace of recovery in the South East picks up. McKay also has a large office in Glasgow, which saw its valuation fall, but the company said it has been held due to its prime location.
Did no one see the director buys and chart about to breakout. even for the just the div of 20%. This movement up to 150's and more when it gets noticed. still early to get in