Workspace disposes of another industrial portfolio

Workspace Group announced the disposal of a light industrial portfolio on Wednesday, totalling three light industrial buildings in Park Royal, London.

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The exchange of contracts was confirmed in a statement to the market, with the FTSE 250-listed property investor saying the deal was worth £7m.

Workspace said the portfolio totalled 51,000 sq ft of net lettable space, and were sold at a 16% premium to the net lettable space and a 4.9% net initial yield.

"We saw good demand for the Park Royal assets and are delighted to have sold them at a substantial premium to book value", said chief executive officer Jamie Hopkins.

"The disposal demonstrates our ability to optimise our portfolio and continue to deliver value to our shareholders."

The deal comes just weeks after Workspace disposed of an industrial estate in Leyton for £23m.