Workspace progresses with disposals, backs 'new conviction' approach
Workspace Group PLC on Thursday said it is advancing its strategy to ‘fix, accelerate and scale the business’, as it shared updates on asset disposals in London.
Workspace is a London-based real estate investment trust that provides flexible office space from around 60 locations in London and the south east of England.
The trust said it has exchanged and completed on the sale of Morie Street in Wandsworth, south London, comprising 22,000 square feet of office and studio space. Workspace added that it has also exchanged on the sale of Castle Lane, near Victoria Station in London, a 14,000 square foot office building.
Workspace said the the combined total for these sales is £22.4 million, with the aggregate sale price 3% under the March 2025 valuation, and at a net initial yield of 4.3%.
Shares in the company were down 0.4% to 394.50 pence on Thursday morning in London.
‘We are making good progress in delivering our strategy to fix, accelerate and scale the business and our new conviction approach to portfolio management is a key part of our plan,’ said Chief Executive Lawrence Hutchings.
‘These disposals are consistent with our disciplined approach to recycling capital out of smaller, non-core locations and into our conviction buildings where we can really add value to our creative and innovative SME customers and, in turn, maximise value for our shareholders.’
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