26th Nov 2025 08:34
(Alliance News) - Workspace Group PLC on Wednesday said it sold three London properties for just over GBP40 million in total, as part of its portfolio management strategy.
The flexible workspace provider said it sold a portfolio of the three assets for GBP41.7 million. The properties sold were 338 Goswell Road in Angel, Cannon Wharf in Surrey Quays and The Mille in Brentford. All three were sold in line with their September valuation and at a net initial yield of 7.9%.
"All of these assets were identified as low conviction buildings for Workspace following a thorough review of the portfolio as part of the 'fix, accelerate and scale' strategy," Workspace said.
The sales bring the value of assets sold or exchanged year to date to GBP94.1 million. Workspace noted that there are several "additional assets also under offer".
Chief Executive Officer Lawrence Hutchings said: "We are implementing a conviction-led approach to portfolio management, with a target of GBP200 million of disposals - around 20 assets - within two years. The disposal of a further three assets for GBP41.7 million demonstrates that our plans are on track and we are maintaining momentum. While our current disposals target is GBP200 million, we are constantly reviewing our portfolio to ensure we have the right assets to maximise value for our shareholders."
Workspace shares were 1.1% higher at 369.00 pence each in London on Wednesday morning.
By Eric Cunha, Alliance News news editor
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