Workspace Group and BlackRock have sold the remaining seven properties in the BlackRock Workspace Property Trust joint venture for £118m, a net initial yield of 4.7%.
Together with the previous sale of Chandelier Building, Old Oak Common, for £13m, this completes the sale of all eight properties held by BWPT at 31 March 2016 for a total of £131m.
Workspace has a 20% interest in the jv and, following completion of the disposals, a performance fee will be payable by BWPT to Workspace based on the returns achieved over the five years of the jv.
This fee is estimated to be £24m.
The seven properties sold were Baden Place in London Bridge, Burford Road Business Centre in Stratford, City Road near Old Street, Europa Studios in Acton, Little London in Bermondsey, 6 Lloyds Avenue near Aldgate and Union Court in Clapham.
Jamie Hopkins, chief executive of Workspace, said: “These disposals mark the conclusion of our hugely successful joint venture with BlackRock. We look forward to redeploying the capital we will receive as a result into our programme of refurbishments and acquisitions.”
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