23rd Apr 2018 08:45
LONDON (Alliance News) - Office building owner Workspace Group PLC said Monday it acquired two properties in London for GBP76.5 million.
Workspace acquired Centro 1 and Centro 2 buildings in Camden which cover 85,000 square feet of warehouse style offices.
The buildings are let to five customers - including fashion retailers Hugo Boss and French Connection Group PLC - at a passing rent of GBP53.70 per square foot. The average unexpired lease is 8.7 years and there is 12,000 square foot of vacant, recently-refurbished space.
The net initial yield for the acquisition is 4.9%.
The deal completes its acquisition of all seven properties of Centro held in Camden. Workspace acquired the other five properties for GBP109.0 million in January. The total acquisition cost for the 216,000 square foot of space in Camden was GBP185.5 million.
"This strategic purchase allows us to consolidate our presence in Camden," Workspace Chief Executive Officer Jamie Hopkins said. "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."
Shares in Workspace were 0.6% higher at 1,024.00 pence on Monday.
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