London-based flexible workspace provider Workspace Group has sold five non-core properties in Southeast England for £82 mln (€94.3 mln).
The buyer is Tudor Investment Holdings, acting as the general partner for Argo DFI Logistics Partnership II.
The transaction will be completed in June, and the sale price represents a 27% discount on the 30 September 2022 book value of the properties.
The light industrial and logistics properties are in Bracknell, Crawley, Poyle, Theale and Weybridge, with the later site being recently vacated with planning for refurbishment.
They are part of the portfolio of assets that came with the acquisition of McKay in May 2022 and the net proceeds will be used to pay down the group’s bank facilities.
Workspace Group CEO, Graham Clemett, said: ‘This sale of a substantial element of the non-core assets from our purchase of McKay is an important step in our acquisition plan. There is still more to do, but we are confident our acquisition will generate attractive returns for shareholders as we complete the delivery of these plans.’
Workspace Group is moving forward with the sale of the remaining non-core properties from the McKay deal.
They include light industrial properties in Farnborough, Banbury and two in Folkestone, worth £28 mln (€32.2 mln) as of 30 September 2022.
Also for sale is the vacant commercial property in Woking town centre, for which planning consent for 366 residential units was granted, an asset valued at £10 mln (€11.5 mln) on 30 September 2022, prior to the granting of planning permission.
Workspace Group continues to manage seven London properties, valued at £162 mln (€186.2 mln) on 30 September 2022, as well as a South-East office and business park portfolio of 13 buildings valued at £134 mln (€154.1 mln) on 30 September 2022.
