Workspace sells properties

Workspace Group has exchanged contracts on the sale of its properties held through the BlackRock Workspace Property Trust, including two in west London.

Workspace had a 20% interest in the Trust which sold its remaining seven properties for £118m. They included Europa Studios in Acton, and Union Court in Clapham.

Together with the previous sale of Chandelier Building, Old Oak Common, for £13m, this
completes the sale of all eight properties held by BWPT at 31 March 2016. Workspace will receive a performance upon completion estimated to be £24m.

Jamie Hopkins, Chief Executive of Workspace, said: “These disposals mark the conclusion of our hugely successful joint venture with BlackRock. We look forward to redeploying the capital we will receive as a result into our programme of refurbishments and acquisitions.”

Paul Tebbit, Managing Director at BlackRock, added: “We are very pleased to have achieved fantastic returns on this innovative investment strategy. Our relationship with Workspace throughout the last 5 years has been excellent. We have for some time been focusing efforts on the industrial sector and may also consider new sectors for future investment with the proceeds of the disposal.”

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