London-based flexible office space provider Workspace Group has agreed to sell five non-core assets in the South-East of England for £82m.
Completion will take place in June 2023. This follows the sale of a medical centre in Newbury for £7m in July 2022.
These disposals are from the portfolio of assets acquired as part of the McKay acquisition completed in May 2022.
The properties being sold comprise light industrial and logistics properties in Bracknell, Crawley, Poyle, Theale and Weybridge.
Workspace said the sale price represents a discount of 27% to the 30 September 2022 book value of these properties and is at a net initial yield of 4.5% (5.5% prior to the vacation of the Weybridge site).
Graham Clemett, Chief Executive Officer of Workspace, commented: “This sale of a substantial element of the non-core assets from our purchase of McKay is an important step in our acquisition plan. There is still more to do but we are confident our acquisition will generate attractive returns for shareholders as we complete the delivery of these plans.”
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