Disposal of Quality Court

RNS Number : 7439U

Workspace Group PLC

27 November 2019

 

22 November 2019

WORKSPACE GROUP PLC

WORKSPACE^® ANNOUNCES DISPOSAL OF QUALITY COURT IN HOLBORN

Workspace Group PLC ('Workspace') is pleased to announce the exchange of contracts for the disposal of Quality Court, off Chancery Lane in Holborn, for a total of £15.8m. The sale of the property is at a premium of 3% to the 30 September 2019 valuation, a net initial yield of 4.3% and a capital value of £930 per sq. ft.

The Grade II* listed building, 100 metres from Chancery Lane station, comprises 17,000 sq. ft. of net lettable space over five storeys.

Graham Clemett, Chief Executive Officer of Workspace, commented:

"We are pleased to have made this sale of a small office building at a premium to book value, providing capital to recycle into our project pipeline and new acquisitions."

- ENDS -

For media and investor enquiries, please contact:

Workspace Group PLC                                                                       020 7138 3300

Emily Meara

Edelman                                                                                              020 3047 2546

Rob Yates                                                                                          

Notes to Editors

Established in 1987, and listed on the London Stock Exchange since 1993, Workspace owns and manages some 4 million sq. ft. of business space in London. We are home to thousands of businesses, including fast growing and established brands across a wide range of sectors.

Workspace is geared towards helping businesses perform at their very best. We provide inspiring, flexible work spaces in dynamic London locations.

Workspace (WKP) is a FTSE 250 listed Real Estate Investment Trust (REIT) and a member of the European Public Real Estate Association (EPRA).

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

 

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