Workspace Group PLC Disposal (2301P)
30 August 2017 - 4:00PM
UK Regulatory
TIDMWKP
RNS Number : 2301P
Workspace Group PLC
30 August 2017
30 August 2017
WORKSPACE GROUP PLC
WORKSPACE ANNOUNCES DISPOSAL OF ZENNOR ROAD INDUSTRIAL
ESTATE
Workspace Group PLC ('Workspace') is pleased to announce the
exchange of contracts for the disposal of Zennor Road Industrial
Estate in Balham, SW12, for GBP30m.
This three-acre industrial estate totals 67,000 sq. ft. of net
lettable space with an average rent per sq. ft. of GBP13.90. The
property was sold at a premium of 84% (GBP13.7m) to the 31 March
2017 valuation of GBP16.3m, at a net initial yield of 2.9%.
Jamie Hopkins, Chief Executive Officer of Workspace,
commented:
"Zennor Road is the last of our industrial estates earmarked for
sale and our portfolio is now entirely focused on business centres
and properties which represent refurbishment or redevelopment
opportunities. This disposal has been completed at a significant
premium to book value and the proceeds will be reinvested into our
extensive project pipeline and targeted acquisition opportunities
that will deliver value to shareholders."
- ENDS -
For media and investor enquiries, please contact:
Workspace Group PLC 020 7138 3300
Clare Dundas
Edelman 020 3047 2546
John Kiely
Mav Wynn
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
3.6 million sq. ft. of business space across 68 London
properties. We are home to some 4,000
businesses including some of London's fastest growing brands, as
well as more established companies, across a wide range of
sectors.
The way businesses work is changing. That's why we are
continually investing in a tailored technology platform that
enables our customers to work how and where they want.
Workspace (WKP) is a FTSE 250 listed Real Estate Investment
Trust and 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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