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Workspace Group PLC - London-based real estate investment trust - Completes the sale of Newbury medical centre for £7.3 million, a premium of £1.2 million to its March 2022 valuation. The medical centre was an asset that came with the McKay Securities portfolio.
In May, Workspace bought property firm McKay for £272 million. Following the completion of the McKay acquisition, Workspace's portfolio consisted of £2.9 billion worth of gross property assets, with 5.5 million square feet of lettable space.
Chief Executive Officer Graham Clemett comments: ‘We are pleased to have completed on this first sale from the identified non-core assets in the McKay portfolio. We continue to progress with our disposal programme, targeting completion by December 2022, with the proceeds expected to significantly reduce our loan-to-value and increase the proportion of fixed-rate debt.’
Current stock price: 571.50 pence, down 0.4% on Tuesday
12-month change: down 32%
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