Disposal

RNS Number : 4289I

Workspace Group PLC

09 December 2015

 

9 December 2015

WORKSPACE GROUP PLC

WORKSPACE ANNOUNCES DISPOSAL OF LIGHT INDUSTRIAL PORTFOLIO

Workspace Group PLC (Workspace), home to new and growing companies across London, is pleased to announce the exchange of contracts for the disposal of three light industrial buildings in Park Royal, NW10, for £7.0m.

The buildings, which total 51,000 sq. ft. of net lettable space, were sold at a premium of 16% to the September 2015 valuation and at a Net Initial Yield of 4.9%.

Jamie Hopkins, Chief Executive Officer of Workspace, commented:

"We saw good demand for the Park Royal assets and are delighted to have sold them at a substantial premium to book value. The disposal demonstrates our ability to optimise our portfolio and continue to deliver value to shareholders."

ENDS

For media and investor enquiries, please contact:

Workspace Group PLC                                  Clare Dundas, Head of Corporate Communications	020 7138 3300
Bell Pottinger                                                   Victoria Geoghegan Nick Lambert Elizabeth Snow	020 3772 2562

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 owns over 80 properties across London and is home to some 4,000 new and growing companies
·	Workspace provides the right properties in the right locations to attract its customers and the right services to retain them and help them grow
·	Workspace is growing through deep market knowledge, operational excellence and strong customer relationships
·	For more information on Workspace, please visit www.workspace.co.uk

 

END

 

 

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