Acquisition

RNS Number : 2909O

Workspace Group PLC

27 May 2015

 

27 May 2015

WORKSPACE GROUP PLC

ACQUISITION OF 25 & 28 EASTON STREET, LONDON, WC1

Workspace Group PLC ("Workspace"), London's leading provider of space for new and growing companies, is pleased to announce the exchange of contracts for the acquisition of 25 & 28 Easton Street, WC1 for £16.55m.

The property is well located in Clerkenwell close to Exmouth Market and complements our existing cluster of buildings in this popular Midtown area. The converted warehouse style offices with net internal area of 21,000 sq. ft. comprises basement, ground and three upper floors with the potential for extension in due course.

The building is being acquired from the existing owner and occupier, Amnesty International ('Amnesty'), at a capital value of £794 per sq. ft. It will be reconfigured and let as a business centre at the conclusion of a short two year leaseback to Amnesty at a rent of only £10 per sq. ft.

Jamie Hopkins, Chief Executive Officer of Workspace commented:

"I am delighted to announce the purchase of 25 & 28 Easton Street which further bolsters our presence in Clerkenwell, an area we know very well and soon to benefit from the opening of the Cross Rail Station in Farringdon.

This acquisition is in line with our strategy of selectively expanding our footprint in key areas of London, where we see strong demand from new and growing companies, and demonstrates our ability to continue to find sites where we can add value to the portfolio."

For media and investor enquiries, please contact:

Workspace Group PLC                                                                      020 7138 3300

Jamie Hopkins, Chief Executive Officer

Graham Clemett, Chief Financial Officer

Clare Dundas, Head of Corporate Communications      

Bell Pottinger                                                                                       020 3772 2562

Victoria Geoghegan

Nick Lambert

Elizabeth Snow

Notes to Editors

About Workspace Group PLC:

·    Workspace is a FTSE250 Property Company and has been listed on the London Stock Exchange since 1993 ·    Workspace is home to 4,000 new and growing companies in some 90 properties across London ·    Workspace provides the right properties to attract its customers and the right services to retain them and help them grow their businesses ·    Workspace is growing through deep market knowledge, operational excellence and strong customer relationships ·    For more information on Workspace, please visit www.workspace.co.uk

 

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