Shares in Workspace fell by an extraordinary 27 per cent through January. It was not a great month for the markets, while the larger property companies were all under pressure. In addition, Workspace had come up a long way during the previous year and was trading at a good premium to net asset value, which seemed right for a strongly growing company. Suddenly they were at a discount, which seemed odd.
They still are. Net assets in the provider of office space (which is generally unusual, often quirky and suited to high-growth companies) grew by a better-than-expected 31 per cent to 923p in the year to the end of March. The shares recovered another 32½p to 865p.
The property companies were being sold in part