Workspace Group PLC Disposal (7423O)
October 04 2019 - 2:00AM
UK Regulatory
TIDMWKP
RNS Number : 7423O
Workspace Group PLC
04 October 2019
04 October 2019
WORKSPACE GROUP PLC
WORKSPACE(R) ANNOUNCES DISPOSAL OF PROPERTY IN FARRINGDON
Workspace Group PLC ('Workspace') is pleased to announce the
exchange of contracts for the disposal of 12-13 and 14 Greville
Street ('Greville Street') in Farringdon for a total of GBP14.75m.
The sale of the property is at a premium of 47.5% (GBP4.75m) to the
31 March 2019 valuation, a net initial yield of 1.3% and a capital
value of GBP1,000 per sq ft.
In June 2018 planning consent was obtained for a refurbishment
project to deliver 23,000 sq. ft. of new and upgraded space. The
premium to book value achieved on the sale exceeds the return
anticipated from this planned refurbishment.
Graham Clemett, Chief Executive Officer of Workspace,
commented:
"We are delighted with the premium achieved on this disposal,
well ahead of the return we could have achieved from our planned
redevelopment. The proceeds will be used to fund our project
pipeline and acquisitions."
- ENDS -
For media and investor enquiries, please contact:
Workspace Group PLC 020 7138 3300
Emily Meara
Edelman 020 3047 2546
Rob Yates
Notes to Editors
About Workspace Group PLC:
Established in 1987, and listed on the London Stock Exchange
since 1993, Workspace owns and manages 4.0 million sq. ft. of
business space in London. We are home to thousands of businesses
including some of London's fastest growing and established brands
across a wide range of sectors.
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.
The way businesses work is changing. That's why we continually
invest in our buildings and their technology infrastructure to
enable our customers to think and move fast, with an approach
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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