Workspace Group has sold five industrial assets for £64m.
The industrial estates – Acton, NW10; Atlas, NW2; Bounds Green, N11; Fairways, E10; and Hamilton Road, SE27 – total 396,000 sq ft of lettable space with an average rent of £9.07 per sq ft.
Following the transaction, Workspace’s pro forma loan-to-value ratio is reduced to 17.4%, with cash and undrawn facilities of £131m.
Jamie Hopkins, chief executive of Workspace, said: “We have exchanged contracts to sell this portfolio at a significant premium to book value. As we continue to see strong demand from new and growing companies for our high quality space, this disposal reinforces our strategy of recycling capital into acquiring and refurbishing business centres.”
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