Workspace Group plc Announces Acquisition of Centro Buildings in Camden
January 22, 2018 at 02:02 am
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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%.
Workspace Group PLC is a real estate investment trust (REIT). The Company is an owner and operator of sustainable and flexible workspace. It owns and manages approximately five million sq. ft. of business space across 76 properties in London and the Southeast. It offers different types of office spaces, such as offices, studios, light industrial, workshops, event space, space calculator and short-term office space. Its property portfolio includes 160 Fleet Street, 20-30 Greyfriars Road, 338 Goswell Road, 60 Grays Inn Road, 66 Wilson Street, 9 Greyfriars Road, Ancells Road, Archer Street Studios, Barley Mow Centre, Brickfields, Busworks, Canalot Studios, Cannon Wharf, Cargo Works, Castle Lane, China Works, Chiswick Studios, Clerkenwell Workshops, Corinthian House, Crown Square, Cygnet House, E1 Studios, East London Works, Edinburgh House, Evergreen Studios, Five Acre Site, Fuel Tank, Gainsborough House, Garratt Lane, Grand Union Studios, Havelock Terrace, and Kennington Park.