29th Sep 2014 06:45
LONDON (Alliance News) - Workspace Group PLC said Monday that it has exchanged contracts on the disposal of a portfolio of non-core industrial estates for gross proceeds of GBP44.3 million.
The London real estate investment trust is selling the portfolio to Capital Industrial One, BV.
The portfolio of 10 industrial sites - which total 281,500 square feet - have been sold at a premium of 35% to the March 2014 valuation, said the FTSE 250-listed company. The disposal reflects a net yield of 5.3%.
The properties disposed of were: Redbridge Enterprise Centre, Ilford; Buzzard Creek Industrial Estate, Barking; Maple Industrial Estate, Feltham; Littleton House, Ashford; Artesian Road Industrial Estate, Stonebridge; Barratt Way Industrial Estate, Harrow; Mahatma Ghandi Industrial Estate, Loughborough Junctiom; Canterbury Industrial Estate, Lewisham; Michael Manley Industrial Estate, Battersea; and T Marchant Trading Estate, South Bermondsey.
"There was substantial depth of demand for the properties from a number of potential purchasers and we are pleased with the result and timing of this sale," said Workspace Chief Executive Jamie Hopkins.
In August the company secured planning permission for its redevelopment project in Hayes, a 50:50 joint venture with Polar Properties.
The London real estate investment trust said that the redevelopment of Enterprise House, within which its interest was valued at GBP3 million at the end of March 2014, will provide 98 apartments and a 38,000 square foot business centre for creative industries.
By Alice Attwood; [email protected]; @AliceAtAlliance
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