11th Feb 2016 07:59
LONDON (Alliance News) - Workspace Group PLC said Thursday that it has agreed to sell five light industrial buildings for GBP64 million.
The industrial estates total 369,000 square feet of net lettable space, with an average rent per square foot of GBP9.07. The portfolio was sold at a premium of 12% to its September 2015 valuation, at a net initial yield of 5.4% and a capital value of GBP171 per square foot.
"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," said Chief Executive Officer Jamie Hopkins in a statement.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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