Workspace Group

Last updated

Workspace Group plc
TypePublic company
LSE:  WKP
Industry Property
Founded1987
HeadquartersLondon, United Kingdom
Area served
Greater London
Key people
Products Commercial property for SMEs
RevenueIncrease2.svg £161.4 million (2020) [1]
Decrease2.svg £95.8 million (2020) [1]
Decrease2.svg £72.1 million (2020) [1]
Website www.workspace.co.uk

Workspace Group plc is a real estate investment trust [2] based in London, England. Founded in 1987 by the privatisation of property assets of the former Greater London Council, the company lets office, industrial and workshop space to small and medium-sized enterprises. It is listed on the London Stock Exchange and is a constituent of the FTSE 250 Index.

Contents

History

The company was founded under the name London Industrial in 1987 as a vehicle for the disposal of the commercial property assets of the defunct Greater London Council. [3] Financed by a group of twelve investors, the company acquired 18 properties from the London Residuary Body, [3] which was charged with disposing the GLC's assets. The firm listed on the London Stock Exchange in 1993 with a market cap of around £813 million, [4] and subsequently expanded geographically with the purchase of industrial estates in the West Midlands. [3] The company changed its name to Workspace Group PLC in 1997. [5]

The £80 million purchase of 23 London properties from Tonex in 1999 increased the Workspace portfolio by 40%, [6] while the Midlands investments were sold off two years later as the group chose to concentrate on the capital region. [3] Along with eight other major British property companies, Workspace converted to real estate investment trust status upon their introduction to the UK in January 2007. [7]

Portfolio

The portfolio, which comprises a (largely freehold) mix of office buildings, industrial estates, serviced offices and warehouses primarily for let to small and medium-sized enterprises, was valued at £2.6 billion as at 31 March 2020. [1]

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References

  1. 1 2 3 4 "Annual Results 2020" (PDF). Workspace Group. Retrieved 3 March 2021.
  2. "Workspace Group FY pretax profit falls; cautious on rising interest rates". AFX News . Forbes. 11 June 2007. Retrieved 24 May 2008.
  3. 1 2 3 4 "Company history". Workspace Group. Retrieved 25 May 2008.
  4. "Judgment Day: Should you buy shares in Workspace Group?". The Sunday Times . London. 5 December 2004. Retrieved 25 May 2008.
  5. "Workspace Group PLC: Summary Details". Hemscott. 2 May 2006. Retrieved 25 May 2008.
  6. Wallen, Joanne (9 May 2006). "Workspace making a name for itself". Citywire . Retrieved 25 May 2008.
  7. Farrow, Paul (8 January 2007). "Reits of passage: a new era for property funds". The Daily Telegraph . Retrieved 25 May 2008.