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Workspace acquires Salisbury House, London

23 June 2017 07:11

Workspace Group has acquired Salisbury House at 28-31 Finsbury Circus, London EC2, for cash of £158.7m.

The Grade-II listed building was held on a long leasehold from the City of London Corp.

The multi-let property providef 240,000 sq ft of net lettable space and was 90% occupied with 105 customers.

It was being acquired at a capital value of £661.1 per sq ft, a low average passing rent of £41.50 per sq ft at a net initial yield of 5.0%.

The property has a gross asset value of £158.7m and generated net rental income of £8.1m over the last 12 months. The transaction will be funded from Workspace's existing resources, including an additional £100m of five-year revolver facilities provided by its bank lending syndicate under the existing overarching agreement.

The syndicate has also provided a further £50m 364-day revolver facility for working capital purposes.

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Related Company: WKP

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