Workspace Group PLC Acquisition (4560C)
22 January 2018 - 6:00PM
UK Regulatory
TIDMWKP
RNS Number : 4560C
Workspace Group PLC
22 January 2018
This press release relates to the disclosure of information that
qualified, or may have qualified, as inside information within the
meaning of Article 7(1) of the EU Market Abuse Regulation.
22 January 2018
WORKSPACE GROUP PLC
ACQUISITION OF CENTRO BUILDINGS IN CAMDEN
Workspace Group PLC ('Workspace') is pleased to announce that it
has exchanged contracts to acquire five of the Centro Buildings
('the property') in Camden, London NW1, for GBP109m.
The property, comprising five multi-let freehold buildings, is
well located close to Camden High Street and within walking
distance of Mornington Crescent and Camden Town Underground
stations, Camden Road Overground station and King's Cross St
Pancras. A former furniture depository, the buildings have been
converted to provide high quality office accommodation but retain
attractive warehouse design features.
The acquisition will include Centro Blocks 3, 4 and 5, as well
as Atelier House and Selous House. It provides 131,000 sq. ft. of
net lettable space and the property is currently occupied by 16
customers, with a passing average rent of GBP44.70 per sq. ft.,
with 21,000 sq. ft. currently vacant and undergoing
refurbishment.
The property is being acquired at a capital value of GBP831 per
sq. ft. and a net initial yield of 4.2%. The transaction will be
funded from existing facilities.
On a pro forma basis, this transaction, including stamp duty and
costs, increases the LTV of 19% reported as at 31 December 2017 to
23%.
Commenting on the announcement, Jamie Hopkins, Chief Executive
Officer, said:
"We are delighted to have acquired this property in Camden. It
is an exciting, dynamic area that Workspace has watched for some
time and the Centro Buildings are ideally suited to our model,
providing scale, unique design features and efficient floor
plates.
With the structural shift in the market continuing to move
towards a customer-first and flexible approach, I believe Workspace
is well positioned. We look forward to continuing to grow the
business through selective acquisitions combined with our extensive
pipeline of refurbishment and redevelopment projects."
- ENDS -
For media and investor enquiries, please contact:
Workspace Group PLC 020 3138 3300
Clare Marland
Edelman 020 3047 2546
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 66 London properties. We are home to some 4,000 businesses
including some of the 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.
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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