Workspace Group PLC Disposal (3502F)
17 May 2017 - 4:00PM
UK Regulatory
TIDMWKP
RNS Number : 3502F
Workspace Group PLC
17 May 2017
17 May 2017
WORKSPACE GROUP PLC
WORKSPACE ANNOUNCES DISPOSAL OF UPLANDS BUSINESS PARK
Workspace Group PLC (Workspace) is pleased to announce the
simultaneous exchange and completion of contracts for the disposal
of Uplands Business Park in Walthamstow, E17, for GBP50.0m.
This 11 acre industrial estate totals 290,000 sq. ft. of net
lettable space with an average rent per sq. ft. of GBP5.70. The
property was sold at a premium of 75% (GBP21.5m) to the September
2016 valuation at a net initial yield of 3.1%.
Jamie Hopkins, Chief Executive Officer of Workspace,
commented:
"The Uplands industrial estate is one of the last two remaining
industrial properties in our like-for-like portfolio which had been
earmarked for disposal or redevelopment. We have picked our time in
the market and this sale, completed at a considerable premium, is a
clear demonstration of our ability to drive value from our assets.
The proceeds from the sale of Uplands will be reinvested into our
active refurbishment pipeline or into acquisition opportunities to
deliver superior returns for shareholders."
- ENDS -
For media and investor enquiries, please contact:
Workspace Group PLC 020 7138 3300
Clare Dundas
Edelman
Rob Yates 020 3047 2546
Notes to Editors
About Workspace Group PLC:
Workspace is a FTSE250 property company and has been listed on
the London Stock Exchange since 1993. It has a unique business
model, owning all its properties, while maintaining direct
relationships with customers and managing all of its operational
activity - from marketing, viewings, lettings and lease renewals -
in-house. Workspace provides the right properties in the right
locations to attract its customers and the right services to retain
them and help them grow. Workspace is growing through deep market
knowledge, operational excellence and strong customer
relationships. Workspace is a member of the European Public Real
Estate Association.
For more information on Workspace, please visit
www.workspace.co.uk
This information is provided by RNS
The company news service from the London Stock Exchange
END
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