Acquisition

RNS Number : 0168P

Workspace Group PLC

03 June 2015

 

3 June 2015

WORKSPACE GROUP PLC

ACQUISITION OF ANGEL HOUSE, 338 GOSWELL ROAD, LONDON EC1

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 Angel House, EC1 for £33.95m.

The attractive Art-Deco building is well located 300 metres south of Angel tube station, one stop from Old Street and King's Cross St Pancras stations with six other Workspace buildings nearby. 

This former tobacco warehouse with good floor to ceiling height and natural light on all elevations extends to five floors providing 46,000 sq. ft. of net lettable space. It is currently fully let to five customers with an average unexpired lease term of five years and three years to breaks.

The building is being acquired at a capital value of £738 per sq. ft. off a low average passing rent of £29 per sq. ft. The net initial yield is 3.7% with excellent potential to reposition the building and capture significant rental uplifts in due course.  

Jamie Hopkins, Chief Executive Officer of Workspace commented:

"Angel House is a striking building with many of the qualities that our customers value.  The property's location, distinctive architecture and scale provide all the right ingredients for a successful Workspace business centre.

This acquisition reinforces our commitment to investing in vibrant locations in London where we see strong demand from new and growing companies."

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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