Workspace sells remaining properties in BlackRock joint venture

Workspace Group said it was selling the last seven properties in its joint venture with BlackRock.

The properties were sold for £118m at a net initial yield of 4.7%.

After the deal Workspace will receive a £24m performance fee from the BlackRock Workspace Property Trust, in which it has a 20% stake, based on returns achieved over the five years.

Workspace chief executive Jamie Hopkins said the cash would be used on refurbishments and acquisitions.

BlackRock managing director said his company may “consider new sectors for future investment with the proceeds of the disposal”.