Disposal

RNS Number : 5984O

Workspace Group PLC

31 January 2019

 

31 January 2019

WORKSPACE GROUP PLC

WORKSPACE^® ANNOUNCES SALE OF BOW OFFICE EXCHANGE, E3

Workspace Group PLC ('Workspace') is pleased to announce the exchange of contracts for the disposal of Bow Office Exchange in Bow, E3, for £11m. The sale will complete on vacant possession, which is expected to be achieved in Autumn 2019.

The site currently comprises 37,000 sq. ft. of workshop and light industrial space and has been sold without planning to a residential developer for a potential residential redevelopment. The sale price is at a net premium, after costs, of 10% to the 30 September 2018 valuation.

Jamie Hopkins, Chief Executive Officer of Workspace, commented:

"This disposal demonstrates our ongoing focus on generating value from our portfolio. We are pleased to have agreed the sale at a premium to book value and look forward to recycling the proceeds into our extensive project pipeline."

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For media and investor enquiries, please contact:

Workspace Group PLC                                                                      020 7138 3300

Clare Marland      

Edelman                                                                                              020 3047 2546

John Kiely

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 3.9 million sq. ft. of business space across 65 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.

LEI: 2138003GUZRFIN3UT430

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

 

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