Acquisition

RNS Number : 5023W

Workspace Group PLC

10 November 2014

 

10 November 2014

WORKSPACE GROUP PLC

ACQUISITION OF 160 FLEET STREET, EC4

Workspace Group PLC ("Workspace), London's leading provider of space for new and growing companies, is pleased to announce the acquisition of 160 Fleet Street, London EC4 for £29.7m from Administrators acting for The National Asset Management Agency (NAMA).  The property was previously owned and operated by the Business Environment Group.

160 Fleet Street is a beautiful Portland stone period building, originally constructed in the 1920's and entirely refurbished in 2009 to include a new reception, gym, breakout areas and a dedicated suite of meeting rooms. It is located in London's midtown, a few minutes' walk from Blackfriars, Temple and Chancery Lane tube stations, and close to several of Workspace's other properties in this area.

The building extends over seven floors and has a net internal area of 54,000 sq.ft including a banking hall let to NatWest Bank until 2023. The main office space area (currently only 43% let) was previously operated as serviced offices and its configuration is well suited to be adapted to the Workspace model. The property is being acquired with an overall occupancy of 48% at a net initial yield of 3.7% and at a capital value of £549 per sq.ft. 

Jamie Hopkins, Chief Executive Officer of Workspace commented:

"I am delighted to announce this very exciting purchase of 160 Fleet Street. This acquisition continues the growth of our presence in midtown, a key location for our customers.

"We are seeing significant customer demand, from our direct marketing capabilities and relationships with customers, for exactly this sort of space in this area. The size and configuration of the building is ideally suited to our operational model and future strategy.

"This is our fourth acquisition over the last year and continues our strategy of expanding our portfolio in key areas where we can leverage our operational platform to capture significant customer demand for our flexible and innovative business space

"We will continue to execute transactions that we believe will provide strong, long-term shareholder returns in these key areas of London".

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For media enquiries please contact:

Workspace Group PLC Jamie Hopkins, Chief Executive Officer Graham Clemett, Chief Financial Officer	020 7138 3300
Bell Pottinger Victoria Geoghegan     Nick Lambert Elizabeth Snow	020 3772 2562

Workspace will announce its Interim Results for the six months ended 30 September on Wednesday 12 November. An investor and analyst presentation will be held at 9.30am at One Angel Lane, London, EC4R 3AB. There is also a webcast and conference call facility in conjunction with the presentation.

Webcast: The live webcast will be available here.

Conference Call:

Dial in:            [phone]

Passcode:       Workspace

Notes to Editors

About Workspace Group PLC

·      Workspace is a FTSE250 Company and has been listed on the London Stock Exchange since 1993

·      It has a strong 27 year track record in providing tailored business premises to new and growing companies in London

·      For more information on Workspace, please visit www.workspace.co.uk 

 

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