Disposal

RNS Number : 0255M

Workspace Group PLC

12 September 2019

 

12 September 2019

WORKSPACE GROUP PLC

WORKSPACE^® ANNOUNCES PROPERTY DISPOSALS IN SHOREDITCH

AND WOOD GREEN

Workspace Group PLC ('Workspace') is pleased to announce the exchange of contracts for the disposal of Vestry Street Studios, Shoreditch and Alexandra House, Wood Green, for a combined total of £34.75m, a premium of 20% to the 31 March 2019 valuations.

Vestry Street Studios, near Old Street, is a small office building in a converted Victorian warehouse comprising 23,000 sq. ft. of net lettable space, which has been sold for £19.25m. This disposal is at a premium of 8% to the 31 March 2019 valuation, a net initial yield of 4.3% and a capital value of £847 per sq. ft.

Alexandra House, a 55,000 sq. ft. office building in Wood Green, is let entirely to the London Borough of Haringey until February 2021 and has been sold for £15.5m. This represents a premium of 38% to the 31 March 2019 valuation, a net initial yield of 4.1% and a capital value of £283 per sq. ft. The premium achieved is well ahead of the returns we expected to achieve from the planned repositioning of this building in 2021.

Graham Clemett, Interim Chief Executive Officer of Workspace, commented:

"We are delighted to have exchanged contracts to sell these two properties at a premium to their current valuations, highlighting the underlying value of our London property portfolio. The proceeds will be recycled into acquisitions and our refurbishment programme to deliver superior value for shareholders."

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For media and investor enquiries, please contact:

Workspace Group PLC                                                                      020 7138 3300

Emily Meara

Edelman                                                                                             020 3047 2546

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 4.0 million sq. ft. of business space in London. 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 our buildings and their technology infrastructure to enable our customers to think and move fast, with an approach 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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