Workspace has sold five more McKay properties for £82m.
Tudor Investment Holdings has bought the light industrial and logistics properties in Bracknell, Crawley, Poyle, Theale and Weybridge, acting as general partner for ARGO DFI Logistics Partnership II.
Net proceeds will be used to pay down the group’s bank facilities.
Completion will take place in June. The disposals are from the portfolio of assets acquired by Workspace as part of its £272m acquisition of McKay in May last year, and follow the £7m sale of a Newbury medical centre to PHP last July.
While the sale price represents a discount of 27% to the 30 September 2022 book value, at a net initial yield of 4.5%, Workspace is still doing well from its McKay deal.
The acquisition of McKay in May 2022 allowed Workspace to buy a £162m London office portfolio and a £134m office and business park portfolio in the South East at a marked discount to book value, as well as a collection of non-core properties for disposal.
Workspace said it was progressing with the sale of the remaining non-core properties, which comprise light industrial assets in Farnborough, Banbury and two in Folkestone, valued at £28m, and a vacant commercial property in Woking town centre where Workspace secured planning consent on appeal in December for a 366-unit residential scheme. The Woking building was valued at £10m prior to the grant of planning permission.
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