16th May 2023 10:52
(Alliance News) - Workspace Group PLC on Tuesday said it has sold five non-core properties in south east England for GBP82 million.
The London-based flexible workspace provider said the transaction, which will be completed in June, represents a 27% discount to the September 30 book value of the properties.
The properties, which are part of the portfolio of assets that came with its acquisition of McKay Securities PLC in May last year, are being sold to Tudor Investment Holdings Ltd, which is acting as the general partner for Argo DFI Logistics Partnership II LP.
The properties being sold consist of light industrial and logistics properties in Bracknell, Crawley, Poyle, Theale and Weybridge.
The company said it is moving forward with the sale of its remaining non-core properties from its acquisition of McKay, which total GBP28 million in value at September 30, as well as a vacant property in Woking valued at GBP10 million at September 30.
Chief Executive Graham Clemett said: "This sale of a substantial element of the non-core assets from our purchase of McKay is an important step in our acquisition plan. There is still more to do but we are confident our acquisition will generate attractive returns for shareholders as we complete the delivery of these plans."
Workspace shares were up 0.2% to 476.80 pence each in London on Tuesday morning.
By Harvey Dorset, Alliance News reporter
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