Last checked at 22 Oct 2015 07:00
22 October 2015
WORKSPACE GROUP PLC
WORKSPACE ANNOUNCES DISPOSAL OF INDUSTRIAL ESTATE
Workspace Group PLC (Workspace), home to new and growing companies across London, is pleased to announce the exchange of contracts for the disposal of an industrial estate in Leyton, E10, for £23m, to Capital Industrial One BV.
The estate, which totals 135,544 sq. ft., was sold at a premium of 25% to the March 2015 valuation. The disposal reflects a Net Initial Yield of 4.8%.
Jamie Hopkins, Chief Executive Officer of Workspace, commented:
"We are delighted with the outcome we've achieved on this disposal. We saw significant interest in the site from a number of potential buyers and are pleased to have sold it at a substantial premium to its book value."
ENDS
For media and investor enquiries, please contact:
Workspace Group PLC 020 7138 3300
Clare Dundas, Head of Corporate Communications
Bell Pottinger 020 3772 2562
Victoria Geoghegan
Nick Lambert
Elizabeth Snow
Notes to Editors
About Workspace Group PLC:
· Workspace is a FTSE250 property company and has been listed on the London Stock Exchange since 1993
· Workspace owns over 80 properties across London and is home to some 4,000 new and growing companies
· 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
· For more information on Workspace, please visit www.workspace.co.uk