Workspace completes acquisition of McKay Securities for £272m

Workspace completes acquisition of McKay Securities for £272m

Workspace Group has completed the acquisition of McKay Securities for £272m.

Workspace increased its portfolio of gross property assets to £2.9bn with 5.5m sq ft of lettable space.

Graham Clemett, Chief Executive Officer of Workspace, said: “This is an exciting milestone for Workspace and an acceleration of our existing growth plans.

”The acquisition of McKay will enable us to capture more of the strong demand we are seeing from SMEs for high quality flexible office space by adding to our portfolio a further seven London office buildings in great locations for our customers, and a footprint in the Southeast where we see a good opportunity to test the broader demand for our flexible offer. McKay’s attractive, liquid portfolio of industrial and logistics assets will provide additional options for value creation for our shareholders.

”As our recent trading performance demonstrates, our offer is resonating with SMEs and our strategy is working. We are confident about our future growth potential.

Workspace said it has allotted, subject to admission, 10,513,098 new ordinary shares of £1 each in the capital of the company, as part consideration for the transaction.

”Applications have been made to the Financial Conduct Authority (FCA) and the London Stock Exchange (LSE) for the new ordinary shares to be admitted to the premium listing segment of the official list of the FCA and to trading on the premium segment of the LSE’s main market for listed securities. It is expected that admission of the new ordinary shares will become effective at 8 a.m. on 9 May 2022. The new ordinary shares will, when issued, be credited as fully paid and will rank pari passu with the existing ordinary shares,” said the company in the statement.

Following admission, the company will have 191,638,357 ordinary shares in issue. The total voting rights in the company will be 191,638,357.