Workspace Group PLC Acquisition of The Shepherds Building (7174A)
13 September 2018 - 9:30PM
UK Regulatory
TIDMWKP
RNS Number : 7174A
Workspace Group PLC
13 September 2018
13 September 2018
WORKSPACE GROUP PLC
WORKSPACE(R) ACQUIRES THE SHEPHERDS BUILDING
Workspace Group PLC ('Workspace') is pleased to announce that it
has exchanged contracts to acquire The Shepherds Building ('the
property') in Shepherd's Bush, W14, from Helical PLC for a cash
consideration of GBP125.3m.
The freehold property consists of 150,000 sq. ft. of offices,
currently let to 32 customers, at a passing rent of GBP45.60 per
sq. ft. with an average unexpired lease term of six years (2.6
years to break). Customers include TV producer, Endemol Shine,
hotel bookings platform, Mr & Mrs Smith, and Noble Foods (GÜ
Foods).
The property is being acquired at a capital value of GBP835 per
sq. ft. and a net initial yield of 4.8%, rising to 5.1% on the
expiry of rent frees. The transaction will be funded from existing
facilities.
Commenting on the announcement, Jamie Hopkins, Chief Executive
Officer, said:
"This acquisition represents a great opportunity to invest the
capital from our equity placing in June. The Shepherds Building is
in an exciting and strategic location for Workspace. It is already
home to a range of interesting customers and is ideally suited to
our business centre model, providing scale, efficient floorplates
and natural light throughout. We look forward to adding the
property to our operational platform and driving returns over the
long-term."
- ENDS -
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.
LEI: 2138003GUZRFIN3UT430
For media and investor enquiries, please contact:
Workspace Group PLC 020 3138 3300
Clare Marland
Edelman 020 3047 2546
Rosanne Perry
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 3.7 million sq. ft. of
business space across 64 London properties. 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 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.
Workspace(R) 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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END
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