UK REIT Workspace has sold five light industrial buildings for £64 mln (€82 mln), reflecting a net initial yield of 5.4%.
UK REIT Workspace has sold five light industrial buildings for £64 mln (€82 mln), reflecting a net initial yield of 5.4%.
The industrial estates - Acton, NW10, Atlas, NW2, Bounds Green, N11, Fairways, E10, and Hamilton Road, SE27 - total 396,000 square feet (37,000 m2) of net lettable space with an average rent per sq. ft. of £9.07.
The portfolio was sold at a premium of 12% to the September 2015 valuation and at a net initial yield of 5.4% and a capital value of £171 per sq. ft. The identity of the buyer was not disclosed.
Jamie Hopkins, CEO of Workspace, commented: 'As we continue to see strong demand from new and growing companies for our high quality space, this disposal reinforces our strategy of recycling capital into acquiring and refurbishing business centres to meet that demand, adding value for both our customers and shareholders.'
