Member Article

Workspace Group lightens its industrial portfolio with £64m sell-off

Property investment trust Workspace Group has announced the disposal of £64m-worth of light industrial buildings across London.

The FTSE250-listed company, which was founded in 1987, revealed the sale of its industrial portfolio to the stock exchange today.

Industrial estates in Acton, Atlas, Bounds Green, Fairways and Hamilton Road were all part of the sell-off which totalled 396,000 sq ft of lettable space.

Workspace, which owns over 80 properties across the Capital, claims the £64m price tag is 12% higher than the valuation slapped on the properties in September 2015.

Jamie Hopkins, Chief Executive Officer of Workspace, commented: “We are delighted to have exchanged contracts to sell this portfolio at a significant premium to book value.

“As we continue to see strong demand from new and growing companies for our high quality space, this disposal reinforces our strategy of recycling capital into acquiring and refurbishing business centres to meet that demand, adding value for both our customers and shareholders.”