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Workspace makes premium disposal

The flexible working-focused REIT has opportunistically sold on a property at a 48 per cent premium
October 4, 2019

Workspace (WKP) has opportunistically sold off several properties in Farringdon for a 47.5 per cent premium to their carrying value. The real estate investment trust, which focuses on flexible office space for small- and medium-sized businesses in London, exchanged contracts for the disposal of 12-13 and 14 Greville Street for £14.75m, for a capital value of £1,000 per square foot.

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That premium exceeds the return Workspace expected to generate from its planned refurbishment of the properties, consent for which was obtained in June 2018. Chief executive Graham Clemett said the sale proceeds would be used to fund acquisitions and the project pipeline.