REG - Workspace Grp PLC - WORKSPACE COMPLETES ACQUISITION OF MCKAY

WorkspaceAnnouncement

06/05/2022 12:30

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RNS Number : 6473K  Workspace Group PLC  06 May 2022

6 May 2022

WORKSPACE GROUP PLC

 

WORKSPACE COMPLETES ACQUISITION OF MCKAY SECURITIES PLC

 

Workspace Group PLC ('Workspace'), one of London's leading providers of
flexible office space, today announces that it has completed the acquisition
of McKay Securities plc. Following completion, Workspace's portfolio comprises
gross property assets of £2.9bn with 5.5m sq. ft. of lettable space.

 

Graham Clemett, Chief Executive Officer of Workspace, commented:

 

"This is an exciting milestone for Workspace and an acceleration of our
existing growth plans. The acquisition of McKay will enable us to capture more
of the strong demand we are seeing from SMEs for high quality flexible office
space by adding to our portfolio a further seven London office buildings in
great locations for our customers, and a footprint in the Southeast where we
see a good opportunity to test the broader demand for our flexible offer.
McKay's attractive, liquid portfolio of industrial and logistics assets will
provide additional options for value creation for our shareholders. As our
recent trading performance demonstrates, our offer is resonating with SMEs and
our strategy is working. We are confident about our future growth potential."

 

As part consideration for the transaction, Workspace has allotted, subject to
admission, 10,513,098 new ordinary shares of £1 each in the capital of the
Company (the "New Ordinary Shares").

 

Applications have been made to the Financial Conduct Authority ("FCA") and the
London Stock Exchange ("LSE") for the New Ordinary Shares to be admitted to
the premium listing segment of the Official List of the FCA and to trading on
the premium segment of the LSE's Main Market for listed securities. It is
expected that admission of the New Ordinary Shares will become effective at 8
a.m. on 9 May 2022.The New Ordinary Shares will, when issued, be credited as
fully paid and will rank pari passu with the existing ordinary shares.

Following admission, the Company will have 191,638,357 ordinary shares in
issue. The total voting rights in the Company will be 191,638,357 and this
figure may be used by shareholders as the denominator for the calculations by
which they may determine if they are required to notify their interest in, or
a change to their interest in, the share capital of the Company under the
FCA's Disclosure Guidance and Transparency Rules.

 

Unless otherwise defined, capitalised terms used in this announcement shall
have the meanings given to them in the circular posted to shareholders of
McKay Securities plc on 29 March 2022 in relation to the acquisition by
Workspace of McKay Securities plc.

 

- ENDS -

 

 

For analyst and investor enquiries, please contact:

 

Kate Annakin, Interim Investor Relations
Manager
                       020 7369 2370

 

For media enquiries, please contact:

 

Workspace Group PLC
 
 

Duncan Pelham, Senior Corporate Communications Manager
            020 7369 2301

 

Finsbury Glover Hering
 
                 020 7251 3801

Chris Ryall

Guy
Lamming

 

 

Notes to Editors

 

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)

 

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