FINANCE: Workspace Group has agreed terms with the former lenders to the Glebe joint venture for the termination of the Glebe Proceeds Share Agreement in return for £30m.
This marks the conclusion of Workspace’s acquisition of full control of the former Glebe jv in 2009 for an initial consideration of £83m.
The Glebe portfolio includes 11 properties. The total value of the portfolio (including disposal proceeds received) was valued at £267m on 30 September.
The termination payment of £30m will give rise to a £10m reduction to the net asset value reported at 30 September, equivalent to 6p per share.
