Workspace Group PLC Acquisition (6926L)
April 23 2018 - 1:00AM
UK Regulatory
TIDMWKP
RNS Number : 6926L
Workspace Group PLC
23 April 2018
This press release relates to the disclosure of information that
qualified, or may have qualified, as inside information within the
meaning of Article 7(1) of the EU Market Abuse Regulation.
LEI: 2138003GUZRFIN3UT430
23 April 2018
WORKSPACE GROUP PLC
ACQUISITION OF CENTRO 1 & 2 IN CAMDEN
WORKSPACE Group PLC ('WORKSPACE(R) ') is pleased to announce
that, subsequent to the acquisition of five Centro buildings in
January 2018, it has now acquired Centro 1 & 2 ('the property')
for a cash consideration of GBP76.5m.
The property consists of two freehold buildings providing 85,000
sq. ft. of warehouse-style offices, with a large communal roof
terrace, impressive reception area and a new gym on the lower
ground floor. It is let to five customers, at a passing rent of
GBP53.70 per sq. ft. with an average unexpired lease term of 8.7
years. Customers include the UK headquarters of Hugo Boss and
French Connection. There is 12,000 sq. ft. of vacant space which
has recently been refurbished.
The property is being acquired at a capital value of GBP901 per
sq. ft. and a net initial yield of 4.9%. The transaction will be
funded from existing facilities and increases the pro forma LTV,
based on the 30 September 2017 property valuation, to 26%.
This acquisition completes our purchase of all seven buildings
that comprise the Centro estate in Camden, providing in total
216,000 sq. ft. of net lettable space for a total purchase price,
excluding costs, of GBP185.5m. We see immediate income opportunity
with 33,000 sq. ft. of net lettable space vacant on acquisition and
significant potential to reposition the estate over the medium
term.
Commenting on the announcement, Jamie Hopkins, Chief Executive
Officer, said:
"This strategic purchase allows us to consolidate our presence
in Camden. It provides an exciting and scale opportunity for our
offer to this vibrant and dynamic area of London, as we continue to
grow the business through selective acquisitions and delivery of
our extensive refurbishment and redevelopment pipeline."
- ENDS -
For media and investor enquiries, please contact:
Workspace Group PLC 020 3138 3300
Graham Clemett
Duncan Pelham
Edelman 020 3047 2546
Mav Wynn
Rob Yates
Notes to Editors
About WORKSPACE Group PLC:
WORKSPACE is geared towards helping businesses perform at their
very best. The WORKSPACE Advantage is our unique customer offer and
is open to all - we provide inspiring, flexible work spaces with
super-fast technology in dynamic London locations. Established in
1987, and listed on the London Stock Exchange since 1993, WORKSPACE
owns and manages more than 3.7 million sq. ft. of business space
across 67 London properties. We are home to some 4,000 businesses
including some of the fastest growing and established brands across
a wide range of sectors.
The way businesses work is changing. That's why we continually
invest in providing the technology infrastructure that enables our
customers to think and move fast, and alongside their working
environment, is tailored to each individual business.
WORKSPACE (WKP) is a FTSE 250 listed Real Estate Investment
Trust and a member of the European Public Real Estate
Association.
For more information on WORKSPACE, please visit
www.workspace.co.uk
WORKSPACE(R) is a registered trade mark of Workspace Group Plc,
London, UK
This information is provided by RNS
The company news service from the London Stock Exchange
END
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