REG - Workspace Grp PLC - FURTHER ASSET DISPOSALS, ALIGNED WITH STRATEGY

WorkspaceAnnouncement

Thu 07:00

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RNS Number : 7216B  Workspace Group PLC  02 October 2025

2 October 2025

 

WORKSPACE GROUP PLC

 

FURTHER ASSET DISPOSALS, ALIGNED WITH CONVICTION-LED PORTFOLIO STRATEGY

 

Workspace Group PLC ('Workspace'), London's leading provider of sustainable,
flexible work space, is pleased to announce that it has exchanged and
completed on the sale of Morie Street in Wandsworth and exchanged on the sale
of Castle Lane in Victoria for a combined total of £22.4m. The aggregate sale
price is 3% below the March 2025 valuation and at a net initial yield of 4.3%.

 

Morie Street comprises 22,000 sq. ft. of office and studio space, while Castle
Lane is a 14,000 sq. ft. office building. Due to their size, both assets were
identified as low conviction buildings for Workspace following a thorough
review of the portfolio as part of Workspace's "Fix, Accelerate and Scale"
strategy.

 

Lawrence Hutchings, Chief Executive Officer of Workspace, commented:

 

"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. 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."

 

 

- ENDS -

 

 

For media and investor enquiries, please contact:

 

Workspace Group
PLC

Paul Hewlett, Director of Strategy & Corporate
Development                               020
7138 3300

Clare Marland, Head of Corporate Communications
 

 

FGS Global

Chris Ryall
 
             020 7251 3801

Guy Lamming

 

 

Notes to Editors

 

About Workspace Group PLC:

 

Workspace is London's leading owner and operator of flexible workspace,
currently managing 4.3 million sq. ft. of sustainable space at 65 locations in
London and the South East.

 

We are home to some 4,000 of London's fastest growing and established brands
from a diverse range of sectors. Our purpose, to give businesses the freedom
to grow, is based on the belief that in the right space, teams can achieve
more. That in environments they tailor themselves, free from constraint and
compromise, teams are best able to collaborate, build their culture and
realise their potential.

 

We have a unique combination of a highly effective and scalable operating
platform, a portfolio of distinctive properties, and an ownership model that
allows us to offer true flexibility. We provide customers with blank canvas
space to create a home for their business, alongside leases that give them the
freedom to easily scale up and down within our well-connected, extensive
portfolio.

 

We are inherently sustainable - we invest across the capital, breathing new
life into old buildings and creating hubs of economic activity that help
flatten London's working map. We work closely with our local communities to
ensure we make a positive and lasting environmental and social impact,
creating value over the long term.

 

Workspace was established in 1987, has been listed on the London Stock
Exchange since 1993, is a FTSE 250 listed Real Estate Investment Trust (REIT)
and a member of the European Public Real Estate Association (EPRA).

 

Workspace® is a registered trademark of Workspace Group PLC, London, UK.

 

LEI: 2138003GUZRFIN3UT430

 

For more information on Workspace, visit www.workspace.co.uk

 

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