2nd May 2014 07:22
LONDON (Alliance News) - Workspace Group PLC Friday said it has acquired Vestry Street Studios in east London from an unnamed vendor in a deal worth GBP12.6 million.
Vestry Street Studios, a Shoreditch-based warehouse of 23,000 square feet, is currently 100% let.
Workspace said the site is being acquired at a net initial yield of 4.1% and at a low average rent of GBP23 per square feet. The company said it sees significant potential to drive rental growth.
FTSE 250-listed said it now owns and manages some 150,000 square feet of space in and around Old Street and Shoreditch.
Workspace shares were up 0.9% at 586.00 pence at the open Friday.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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