Last checked at 17 May 2017 07:00
17 May 2017
WORKSPACE GROUP PLC
WORKSPACE ANNOUNCES DISPOSAL OF UPLANDS BUSINESS PARK
Workspace Group PLC (Workspace) is pleased to announce the simultaneous exchange and completion of contracts for the disposal of Uplands Business Park in Walthamstow, E17, for £50.0m.
This 11 acre industrial estate totals 290,000 sq. ft. of net lettable space with an average rent per sq. ft. of £5.70. The property was sold at a premium of 75% (£21.5m) to the September 2016 valuation at a net initial yield of 3.1%.
Jamie Hopkins, Chief Executive Officer of Workspace, commented:
"The Uplands industrial estate is one of the last two remaining industrial properties in our like-for-like portfolio which had been earmarked for disposal or redevelopment. We have picked our time in the market and this sale, completed at a considerable premium, is a clear demonstration of our ability to drive value from our assets. The proceeds from the sale of Uplands will be reinvested into our active refurbishment pipeline or into acquisition opportunities to deliver superior returns for shareholders."
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For media and investor enquiries, please contact:
Workspace Group PLC 020 7138 3300
Clare Dundas
Edelman
Rob Yates 020 3047 2546
Notes to Editors
About Workspace Group PLC:
Workspace is a FTSE250 property company and has been listed on the London Stock Exchange since 1993. It has a unique business model, owning all its properties, while maintaining direct relationships with customers and managing all of its operational activity - from marketing, viewings, lettings and lease renewals - in-house. 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. Workspace is a member of the European Public Real Estate Association.
For more information on Workspace, please visit www.workspace.co.uk