Disposal

RNS Number : 6540T

Workspace Group PLC

05 July 2018

 

5 July 2018

WORKSPACE GROUP PLC

WORKSPACE^® ANNOUNCES SALE OF MARSHGATE RESIDENTIAL REDEVELOPMENT

Workspace Group PLC ('Workspace') is pleased to announce the exchange of contracts for the disposal of the mixed-use redevelopment of Marshgate Business Centre in Stratford, E15.

The redevelopment, comprising 200 residential units, has been sold for £15m in cash and the return of a new 33,000 sq. ft. business centre. The sale price is in line with the 31 March 2018 valuation.

Jamie Hopkins, Chief Executive Officer of Workspace, commented:

"Our redevelopment projects generate strong returns for shareholders and, having successfully received planning consent on Marshgate, we are pleased to have now sold this scheme at a price in line with its valuation. With continued demand for our inspiring spaces and customer offer, we are looking forward to receiving this new business centre in the dynamic and increasingly popular Stratford location."

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For media and investor enquiries, please contact:

Workspace Group PLC                                                                       020 7138 3300

Clare Marland      

Edelman                                                                                              020 3047 2546

Annabel Turbutt-Day

Rob Yates                                                                                          

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 3.7 million sq. ft. of business space across 66 London properties. We are home to thousands of businesses including some of London's 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.

Workspace® is a registered trade mark of Workspace Group Plc, London, UK.

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

 

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