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(Alliance News) - Real estate investment trust Workspace Group PLC on Monday said it has agreed to acquire Stapleton House, also known as The Old Dairy, in Shoreditch, London for GBP43.4 million.
The London-based company said the property provides 57,000 square feet of net lettable space adjacent to Workspace's business centre, Frames, which opened in 2017 following a refurbishment project.
Stapleton House is currently 80% let and is being acquired at a net initial yield of 4.9% and a capital value of GBP761 per square feet. The acquisition is being funded from existing facilities, the company noted.
"The acquisition of The Old Dairy further strengthens our presence and broadens our offering in Shoreditch, one of the most popular areas for our customers. We see tremendous opportunity to generate long-term value by repositioning the property over time to our distinctive flexible model," said Chief Executive Graham Clemett.
I am confident that, together with The Frames, The Old Dairy will be a hub for Shoreditch's dynamic small and medium-size enterprises scene for years to come," added Clemett.
FTSE 250-listed Workspace shares were trading 0.7% higher in London on Monday at 872.00 pence each.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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