Workspace Group PLC announced that it has exchanged contracts to acquire five of the Centro Buildings ('the property') in Camden, London NW1, for £109 million. The property, comprising five multi-let freehold buildings, is well located close to Camden High Street and within walking distance of Mornington Crescent and Camden Town Underground stations, Camden Road Overground station and King's Cross St Pancras. A former furniture depository, the buildings have been converted to provide high quality office accommodation but retain attractive warehouse design features. The acquisition will include Centro Blocks 3, 4 and 5, as well as Atelier House and Selous House. It provides 131,000 sq. ft. of net lettable space and the property is currently occupied by 16 customers, with a passing average rent of £44.70 per sq. ft., with 21,000 sq. ft. currently vacant and undergoing refurbishment. The property is being acquired at a capital value of £831 per sq. ft. and a net initial yield of 4.2%. The transaction will be funded from existing facilities. On a pro forma basis, this transaction, including stamp duty and costs, increases the LTV of 19% reported as at 31 December 2017 to 23%.