REG - Workspace Grp PLC - WORKSPACE® ANNOUNCES DISPOSAL OF RAYNES PARK

WorkspaceAnnouncement

08/11/2024 07:00

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RNS Number : 4326L  Workspace Group PLC  08 November 2024

8 November 2024

 

WORKSPACE GROUP PLC

 

WORKSPACE(®) ANNOUNCES DISPOSAL OF RAYNES PARK MIXED-USE REDEVELOPMENT

 

Workspace Group PLC ('Workspace'), London's leading provider of sustainable,
flexible workspace, is pleased to announce it has exchanged on the sale of
Rainbow Industrial Estate, a redevelopment site in Raynes Park. Workspace
secured planning consent for a mixed-use redevelopment of the site comprising
224 residential units and 37,000 sq. ft. of new light industrial space. The
site has been sold for a total of £20.3m, £1.0m below the March 2024
valuation at a net initial yield of some 3.5%.

 

Graham Clemett, Chief Executive Officer of Workspace, commented:

 

"The sale of this redevelopment site in Raynes Park continues our disposal of
non-core assets, recycling capital into our core portfolio where we see
significant opportunity to generate strong returns from upgrading space and
delivering on our major refurbishment projects."

 

- 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 73 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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