UK REIT Workspace has exchanged contracts to sell an industrial estate in Leyton, east London to Dutch investment manager Capital Industrial One for £23 mln (€32 mln).

UK REIT Workspace has exchanged contracts to sell an industrial estate in Leyton, east London to Dutch investment manager Capital Industrial One for £23 mln (€32 mln).

The estate, which totals 135,544 sq ft (12,600 m2), was sold at a premium of 25% to the March 2015 valuation. The disposal reflects a net initial yield of 4.8%.

'We saw significant interest in the site from a number of potential buyers and are pleased to have sold it at a substantial premium to its book value,' commented Workspace CEO Jamie Hopkins.