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Agenda

Agenda. Welcome Harry Platt Financial Performance Graham Clemett Trading Chris Pieroni Regeneration Angus Boag The Future Harry Platt Q & A. 1. The Workspace Model. To achieve profit and capital growth from: Providing workspace to SMEs

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Agenda

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  1. Agenda Welcome Harry Platt Financial Performance Graham Clemett Trading Chris Pieroni Regeneration Angus Boag The Future Harry Platt Q & A 1

  2. 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 2

  3. Performance Highlights 3

  4. Business Overview Good demand for space Continued occupancy growth Pricing increases are sticking Debt refinanced Trading Activity Valuation improving Achieving planning consents and releasing value BlackRock Workspace Property Trust established Portfolio Activity 4

  5. Performance vs IPD 5

  6. Financial Performance Graham Clemett 6

  7. Financial Highlights 7

  8. Trading Profit after Interest 2.4 14.1 2.3 (0.8) 10.8 (0.6) Admin Costs Interest Cost Revenue Direct Costs 2010 2011 8

  9. Cashflow 9

  10. 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 10

  11. Balance Sheet 12 11

  12. Movement in Property Valuation 10 24 719 717 11 (43) Capital Expenditure Disposals March 2011 March 2010 Income Added Value 12

  13. Breakdown of Property Valuation 13

  14. Added Value 14

  15. Debt Analysis 15

  16. Debt Maturity Profile June 2015 December 2014 16

  17. Financial Summary • Strong trading performance • Good cash generation • Resumption of progressive dividend policy • Strengthened balance sheet • Growth in valuation driven by added value 17

  18. Trading Chris Pieroni 18

  19. OCCUPANCY AND RENT ROLL GROWTH Scale of our Brand 19

  20. OCCUPANCY AND RENT ROLL GROWTH Like-for-Like Occupancy & Rent Roll 20

  21. OCCUPANCY AND RENT ROLL GROWTH Like-for-Like Occupancy Spread 85% Denotes top 20 property by rent roll 21

  22. OCCUPANCY AND RENT ROLL GROWTH The Occupancy and Pricing Dynamic 22

  23. OCCUPANCY AND RENT ROLL GROWTH Operational Focus • To drive pricing • ‘the growth pricing premium’ • To drive new income • Club Workspace • Anyspacedirect 23

  24. Regeneration Angus Boag 24

  25. Strategy • TO CREATE VALUE • Alternative uses • New business space for old • Redevelopment • RESULTING IN • Increased rental income • Increased asset value • Release of cash for reinvestment 25

  26. 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 26

  27. 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 27

  28. Strategy in Action Wandsworth Business Village Canalot Studios 28

  29. What does this mean? • Significant upgrading of portfolio • Substantial uplift in asset values • Opportunity to significantly grow the rent roll • Generating cash for reinvestment 29

  30. The Future Harry Platt 30

  31. The Future • Continuing growth in occupancy – closing the gap to 90% ERV • Redeveloping and regeneration – achieving value and enhancing rental income • Using the brand 31

  32. 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. 32

  33. The Future Finance Committed and long-term Occupancy Raise rents Bring more properties into ‘squeeze’ zone Use ‘brand’ to raise price point Develop other income streams Development Progress projects in hand Release further value Enhance rental income Other Opportunities Being progressed Strong and committed management team 33

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