31st Jan 2019 09:05
LONDON (Alliance News) - Workspace Group PLC on Thursday said it exchanged contracts to dispose of a property in east London for GBP11 million.
The company expects to complete the sale of the Bow Office Exchange, a 37,000 square feet workshop and light industrial space, during the Autumn of 2019.
The asset has been sold at a 10% premium to its latest valuation to an unnamed residential developer, the FTSE 250-listed company said.
"This disposal demonstrates our ongoing focus on generating value from our portfolio. We are pleased to have agreed the sale at a premium to book value and look forward to recycling the proceeds into our extensive project pipeline," Chief Executive Officer Jamie Hopkins said.
Workspace shares were trading down 0.1% at 948.00 pence each.
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