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Workspace Shares Rise on Canary Wharf Development: London Mover

Sept. 30 (Bloomberg) -- Workspace Group Plc, a provider of office space to businesses in the London area, had its biggest four-day gain in almost three months after saying it won planning consent for a development at Canary Wharf.

The shares rose 2.1 percent to 454 pence at the close of trading in London, taking the four-day gain to 9.5 percent, the biggest advance in as many days since July 5. That extended the stock’s advance this year to 50 percent.

Workspace won permission to redevelop its Poplar business park, with consent for 392 apartments, a 58,000 square-foot business center and 12,000 square feet of light industrial workshops, it said Sept. 25. They will replace 75,000 square feet of light industrial space.

The project demonstrates Workspace’s ability to create value through asset management and will probably provide a “significant boost to rental and capital values,” Mark Hughes, an analyst at Panmure Gordon & Co., said in a note to clients on Sept. 25.

Workspace will be one of the top five value creators in Europe for real estate investors over the next four years, JPMorgan Chase & Co. analysts said in their annual property handbook published Sept. 2. JPMorgan raised its 12-month price target by 17 percent to 525 pence and boosted earnings estimates.

Real estate developers and trusts with property near the Crossrail system being built across London will benefit in coming years, JPMorgan said. Hughes at Panmure noted that the Poplar business park is in the Docklands area, near a new Crossrail station.

To contact the reporter on this story: Peter Woodifield in Edinburgh at pwoodifield@bloomberg.net.

To contact the editor responsible for this story: Douglas Lytle at dlytle@bloomberg.net

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