13th Apr 2015 06:39
LONDON (Alliance News) - Market Tech Holdings PLC on Monday said it has signed a GBP44 million deal to acquire a property close to its Camden Markets site and intends to use the site as a co-working office scheme.
Market Tech, which owns and operates the main Camden Markets in north London, said it has acquired the Utopia Village property, near to its Camden Markets property, for GBP42 million plus GBP2 million in stamp duty, all in cash.
The 0.84 acre site comprises 29 individual small business units with a net internal area of around 44,500 square feet.
Market Tech intends to operate the site primarily as a co-working office environment, allowing businesses to rent the accommodation and access Market Tech's e-commerce and business infrastructure.
The deal will be funded by a GBP50 million unsecured loan provided to the company by majority shareholder Citwax Investments Ltd.
"The acquired site extends the group's estate and will be complementary to our offering as a full service solution provider for businesses, which when combined with similar facilities in Camden will in total create co-working space for in excess of 1,500 people," said Market Tech Chief Executive Charles Butler.
By Sam Unsted; [email protected]; @SamUAtAlliance
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