26th Jan 2006 07:00
Workspace Group PLC26 January 2006 WORKSPACE SELLS £42 MILLION PORTFOLIO TO FOCUS ON GREATER LONDON Workspace Group PLC ("Workspace"), the leading provider of flexible businessaccommodation to small and medium sized enterprises in London has announced thecompletion of the sale of a portfolio of properties to Dunedin Property Limitedon behalf of the Dunedin Property Industrial Fund. The portfolio consists of 11 small unit industrial estates all located in townsoutside the M25 totalling 321,142 sq ft in 234 units and producing a net incomeof £2.86 million. The cash consideration of £41.7 million reflected a netinitial yield of 6.4% and showed a premium of £1.54 million (3.7%) over theSeptember 2005 valuation and £3.81 million (10.6%) over book value as at March2005. Harry Platt, Workspace Chief Executive commented, " We are delighted to announce the successful disposal of the majority of ourholdings outside London at a comfortable margin over the last externalvaluation. " These properties have performed very well for us in the past. But lookingforward we are focusing on the expansion of the business within Greater London.We know the capital intimately. We are confident that we will deliver superiorreturns by concentrating our management and marketing skills, as well as ourbrand, on opportunities in the Capital. " We have completed £96.0 million of acquisitions and £48.0 million of disposalssince April 2005. We are tracking more opportunities in the pipeline. We retainsubstantial investment capacity and look forward to the future with confidence". -ends- Date: 26 January 2006For further information contact: Workspace Group PLC cityPROFILEHarry Platt, Chief Executive Simon CourtenayMark Taylor, Finance Director Jonathan Gillen020-7247-7614 020-7448-3244 e-mail: [email protected]: www.workspacegroup.co.uk This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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