SALE OF HIGHWAY BUSINESS PARK

RNS Number : 7727D

Workspace Group PLC

07 March 2022

 

7 March 2022

WORKSPACE GROUP PLC

WORKSPACE ^® ANNOUNCES DISPOSAL OF HIGHWAY BUSINESS PARK

Workspace Group PLC ('Workspace'), London's leading provider of flexible office space, is pleased to announce the simultaneous exchange and completion on the disposal of Highway Business Park in Limehouse, E14, and an adjoining property owned by Canada Life Investments.

Highway Business Park comprises 20,000 sq. ft. of light industrial space and Workspace will receive £23.7m for its share of the sale, a significant premium to the 30 September 2021 valuation of £11.6m.

Graham Clemett, Chief Executive Officer of Workspace, commented:

"Highway Business Park is a site where we had previously gained planning consent for a mixed-use scheme comprising residential units and a new business centre in an attractive East London location. However, we are always focused on maximising value from our assets and, in this case, we have achieved a significantly higher return by selling the site for an urban logistics scheme."

- ENDS -

For media and investor enquiries, please contact:

Workspace Group PLC 

Clare Marland, Head of Corporate Communications  020 7138 3300

Finsbury Glover Hering

Guy Lamming                                                                                                        020 7251 3801

Chris Ryall 

Notes to Editors

About Workspace Group PLC:

Established in 1987, and listed on the London Stock Exchange since 1993, Workspace owns and manages some 4 million sq. ft. of business space in London. We are home to London's brightest businesses, including fast growing and established brands across a wide range of sectors. Workspace is geared towards helping businesses perform at their very best. We provide inspiring, flexible work spaces in dynamic London locations.

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

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

LEI: 2138003GUZRFIN3UT430

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

 

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