Workspace Sells Two London Office Buildings At Premium For GBP35 Million

(Alliance News) - Workspace Group PLC on Thursday said it has sold two office buildings in London ...

Alliance News 12 September, 2019 | 10:00AM
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(Alliance News) - Workspace Group PLC on Thursday said it has sold two office buildings in London for a combined total of GBP34.8 million, a premium of 20% to March 31 valuation.

The office space provider has sold Vestry Street Studios, a small office building located near Old Street in a converted Victorian warehouse comprising 23,000 square feet of net lettable space, for GBP19.3 million. The disposal is at a premium of 8% to the March 31 valuation.

Alexandra House, a 55,000 square feet office building in Wood Green, has been sold for GBP15.5 million, representing a premium of 38% to March 31 valuation. The building has been let entirely to the London Borough of Haringey until February 2021.

"We are delighted to have exchanged contracts to sell these two properties at a premium to their current valuations, highlighting the underlying value of our London property portfolio. The proceeds will be recycled into acquisitions and our refurbishment programme to deliver superior value for shareholders," said Interim Chief Executive Officer Graham Clemett.

London-listed shares in Workspace were trading 0.2% lower at 930.50 pence each on Thursday morning.

By Tapan Panchal; tapanpanchal@alliancenews.com

Copyright 2019 Alliance News Limited. All Rights Reserved.

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Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Rating
Workspace Group PLC 575.00 GBX -6.50 -

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