Workspace sells 3 properties for £51.85m

Workspace Group said it had exchanged contracts for the disposal of three properties, Belgravia Workshops, N19, The Ivories, N1, and Spectrum House, NW5, for a total of £51.85m.

The portfolio was sold at a premium of 23.2% (£9.75m) to the 31 March 2018 valuation, at a net initial yield of 4.0% and capital value per sq. ft. of £488, the company said on Monday.

Chief executive Jamie Hopkins said the sale was in line with the continued repositioning of the company's portfolio.

"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."