StockMarketWire.com - Workspace Group said it had exchanged contracts to sell three properties in London for a combined £51.85m.

The properties included Belgravia Workshops, N19, The Ivories, N1, and Spectrum House, NW5, comprising 106,000 square feet of net lettable space.

The portfolio was sold at a premium of 23.2% to the 31 March valuation, at a net initial yield of 4.0% and capital value per square foot of £488.

'The sale of these three small properties is in line with the continued re-positioning of our portfolio,' chief executive Jamie Hopkins said.

'This disposal has been made at a premium to book value and will provide us with further capital to recycle into our extensive refurbishment project pipeline and new acquisitions where we can generate superior value for shareholders.'




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