Disposal

RNS Number : 4308I

Workspace Group PLC

19 June 2017

 

19 June 2017

WORKSPACE GROUP PLC

WORKSPACE ANNOUNCES SALE OF RESIDENTIAL REDEVELOPMENT IN BOW

Workspace Group PLC (Workspace) is pleased to announce the exchange of contracts for the disposal of the third and final phase of the mixed-use redevelopment of Bow Enterprise Park, E3.

The final phase of the redevelopment, comprising 130 residential units, has been sold for £6.3m in cash and the return of a new 40,000 sq ft business centre. The sale is in line with the 31 March 2017 valuation.

Commenting on the announcement, Jamie Hopkins, Chief Executive Officer of Workspace, said:

"We are delighted to have exchanged contracts to sell this redevelopment and look forward to receiving a new business centre located in such a vibrant and well-connected area of East London, adjacent to the Devon's Road DLR station. This sale reinforces our strategy to drive value from our portfolio as we continue to see demand for residential development sites in London."

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For media and investor enquiries, please contact:

Workspace Group PLC                                                                     

Duncan Pelham                                                                                  077 4040 7068

Edelman

Rob Yates                                                                                           020 3047 2546

Notes to Editors

About Workspace Group PLC:

Workspace is geared towards helping businesses perform at their very best. The Workspace Advantage is our unique customer offer and is open to all - we provide inspiring, flexible work spaces with super-fast technology in dynamic London locations. Established in 1987, and listed on the London Stock Exchange since 1993, Workspace owns and manages more than 3.5 million sq. ft. of business space across 68 London properties. We are home to some 4,000 businesses including some of the fastest growing and established brands across a wide range of sectors.

The way businesses work is changing. That's why we continually invest in providing the technology infrastructure that enables our customers to think and move fast, and alongside their working environment, is tailored to each individual business.

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

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

 

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