Business
BlackRock Workspace Property Trust
BlackRock Workspace Property Trust.
About this update from Workspace Group Plc
[{"type":"text","content":"\n \nRNS Number : 0704B Workspace Group PLC 14 June 2016 \n\n \n14 June 2016\n \n \nWORKSPACE GROUP PLC\n \nBLACKROCK WORKSPACE PROPERTY TRUST\n \nWorkspace Group PLC (\"Workspace\"), home to new and growing companies across London, is pleased to announce the exchange of contracts for the disposal of the remaining seven properties in the BlackRock Workspace Property Trust (\"BWPT\") joint venture, in which Workspace has a 20% interest, for £118m, at a net initial yield of 4.7%.\n \nThe seven properties sold were Baden Place in London Bridge, Burford Road Business Centre in Stratford, City Road near Old Street, Europa Studios in Acton, Little London in Bermondsey, 6 Lloyds Avenue near Aldgate and Union Court in Clapham.\n \nTogether with the previous sale of Chandelier Building, Old Oak Common, for £13m, this completes the sale of all eight properties held by BWPT at 31 March 2016. The properties were sold for a total of £131m, in line with the valuation at 31 March 2016.\n \nFollowing completion of these disposals, a performance fee will be payable by BWPT to Workspace based on the returns achieved over the five years of the joint venture. This fee is estimated to be £24m, in line with the amount recognised by Workspace in the accounts for the year ended 31 March 2016.\n \nJamie Hopkins, Chief Executive of Workspace, said: \n \n\"These disposals mark the conclusion of our hugely successful joint venture with BlackRock. We look forward to redeploying the capital we will receive as a result into our programme of refurbishments and acquisitions.\"\n \nPaul Tebbit, Managing Director at BlackRock, added:\n \n\"We are very pleased to have achieved fantastic returns on this innovative investment strategy. Our relationship with Workspace throughout the last 5 years has been excellent. We have for some time been focusing efforts on the industrial sector and may also consider new sectors for future investment with the proceeds of the disposal.\"\n \nENDS\n \n \nFor media and investor enquiries, please contact:\n \nWorkspace Group PLC &nb...