Workspace has sold the ‘majority of its holdings outside London’ to Dunedin for £41.7m.
The portfolio consists of 11 small unit industrial estates, all located outside the M25. It totals 321,142 sq ft of space spread across 234 units, producing a net income of £2.86m.
The sale price represented a net initial yield of 6.4%, and a premium of £1.54m over the September 2005 valuation.
Workspace chief executive Harry Platt said: “We are delighted to announce the successful disposal of the majority of our holdings outside London at a comfortable margin over the last external valuation.”
“These properties have performed very well for us in the past. But looking forward we are focusing on the expansion of the business within Greater London.
We know the capital intimately.
“We are confident that we will deliver superior returns by concentrating our management and marketing skills, as well as our brand, on opportunities in the Capital.”
“We have completed £96.0 million of acquisitions and £48.0 million of disposals since April 2005. We are tracking more opportunities in the pipeline. We retain substantial investment capacity and look forward to the future with confidence.”
References: EGi News 26/01/06
