Workspace Group PLC

M&A Activity • Sep 29, 2014

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RNS Number : 8232S

Workspace Group PLC

29 September 2014

Workspace Group PLC

Workspace announces the disposal of an industrial portfolio

Workspace Group PLC ("Workspace"), London's leading provider of space for new and growing companies, is pleased to announce that it has exchanged contracts for the disposal of a portfolio of non-core industrial estates for gross proceeds of £44.3m, to Capital Industrial One, BV ("Capital Industrial").

The portfolio of 10 industrial sites, totalling 281,500 sq.ft was sold at a premium of 35% to the March 2014 valuation.  The disposal reflects a Net Initial Yield of 5.3%.

Jamie Hopkins, Chief Executive Officer of Workspace, commented:

"I am delighted to announce the strategic disposal of this portfolio of industrial estates at a substantial premium to their book values. There was substantial depth of demand for the properties from a number of potential purchasers and we are pleased with the result and timing of this sale."

For media enquiries please contact:

Workspace Group PLC Jamie Hopkins, Chief Executive Officer Graham Clemett, Chief Financial Officer	020 7138 3300
Bell Pottinger Victoria Geoghegan Nick Lambert Elizabeth Snow	020 3772 2562

Notes to Editors

About Workspace Group PLC

·        Workspace is a FTSE250 Company and has been listed on the London Stock Exchange since 1993;

·        It has a strong 27 year track record in providing tailored business premises to growing companies in London;

·        For more information on Workspace, please visit www.workspace.co.uk 

The properties disposed were:

·     Redbridge Enterprise Centre, Ilford, IG1

·     Buzzard Creek Industrial Estate, Barking, IG11

·     Maple Industrial Estate, Feltham, TW13

·     Littleton House, Ashford, TW15

·     Artesian Road Industrial Estate, Stonebridge, NW10

·     Barratt Way Industrial Estate, Harrow, HA3

·     Canterbury Industrial Estate, Lewisham, SE15

·     T Marchant Trading Estate, South Bermondsey, SE16

·     Mahatma Ghandi Industrial Estate, Loughborough Junction, SE24

·     Michael Manley Industrial Estate, Battersea, SW8

This information is provided by RNS

The company news service from the London Stock Exchange

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