Workspace sells five non-core McKay properties for £82m

Workspace said on Tuesday that it has sold five non-core properties in the South-East of England for £82m.

The disposals, set to complete in June, are from the portfolio of assets bought as part of the McKay acquisition completed in May last year.

The properties being sold comprise light industrial and logistics properties in Bracknell, Crawley, Poyle, Theale and Weybridge.

Workspace said the sale price represents a discount of 27% to the 30 September 2022 book value of these properties and is at a net initial yield of 4.5%.

The company also said it is progressing with the sale of the remaining non-core properties from the McKay acquisition. They comprise light industrial properties in Farnborough, Banbury and two in Folkestone valued in total at £28m as at 30 September 2022 and a vacant commercial property in Woking town centre.

Chief executive Graham Clemett said: "This sale of a substantial element of the non-core assets from our purchase of McKay is an important step in our acquisition plan. There is still more to do but we are confident our acquisition will generate attractive returns for shareholders as we complete the delivery of these plans."