REG - Workspace Grp PLC - WORKSPACE® ANNOUNCES ACQUISITION OF BUSWORKS

WorkspaceAnnouncement

17/11/2021 07:05

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20211117:nRSQ6031Sa&default-theme=true

RNS Number : 6031S  Workspace Group PLC  17 November 2021

17 November 2021

 

WORKSPACE GROUP PLC

 

WORKSPACE(®) ANNOUNCES ACQUISITION OF

HISTORIC BUSWORKS BUILDING IN ISLINGTON

 

Workspace Group PLC ('Workspace'), London's leading provider of flexible
office space, is pleased to announce that it has acquired The Busworks, in
Islington, for a total of £45m. This off-market acquisition is being funded
from existing facilities.

 

A former Victorian bus factory with a rich history dating back to 1888, the
property provides 104,000 sq. ft. of net lettable space across two conjoined
warehouse buildings on 1.6 acres. It is currently operated as a multi-let
business centre with customers on licences. The property is 65% let and is
being acquired at a net income yield of 3.4% and a capital value of £431 per
sq. ft.

 

Workspace intends to upgrade the building and reposition the offering towards
its distinctive, flexible model over time, as the Group looks to continue
expanding its footprint across the Capital.

 

Graham Clemett, Chief Executive Officer of Workspace, commented:

 

"The Busworks is an iconic property in a great location, just north of King's
Cross. It has a fantastic heritage and the potential to become a flagship
building for us in North London, an attractive area for SMEs looking for high
quality space close to good transport links. We're excited by the opportunity
to breathe new life into these historic buildings in line with our sustainable
growth model."

 

- ENDS -

 

 

For media and investor enquiries, please contact:

 

Workspace Group
PLC

Clare Marland, Head of Corporate Communications
                    020 7138 3300

 

Finsbury Glover Hering

Guy Lamming
 
    020 7251 3801

Chris Ryall

 

 

Notes to Editors

 

About The Busworks:

 

The Busworks site dates back to 1888, when the London General Omnibus Company
took a lease on the land to construct a production line factory to build and
repair horse-drawn omnibuses. At the beginning of the 20(th) century, as
horse-drawn buses were being phased out, the famous 'B' Type open-topped motor
bus was designed at The Busworks and prototypes were built on site. The
Busworks continued to be used as a repair depot for buses until the 1950s.

 

Beginning in 1979, the site was converted into office space for small
businesses and today The Busworks caters to more than 100 SMEs. The site
includes a Theatre, Pleasance London, and a pub, The Depot.

 

About Workspace Group PLC:

 

Established in 1987, and listed on the London Stock Exchange since 1993,
Workspace owns and manages some 4 million sq. ft. of business space in London.
We are home to London's brightest businesses, including fast growing and
established brands across a wide range of sectors. Workspace is geared towards
helping businesses perform at their very best. We provide inspiring, flexible
work spaces in dynamic London locations.

 

Workspace (WKP) 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, please visit www.workspace.co.uk
(http://www.workspace.co.uk)

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  MSCUNVKRAWUAAAA