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Workspace buys another Centro property in Camden for £76.5m
(WebFG News) - Workspace has acquired two further Centro buildings for £76.5m in cash.
Following the company's acquisition of five Centro buildings back in January, it has now bought another two freehold buildings in Camden providing 85,000 square feet of warehouse-style offices, with a communal roof terrace, reception area and a gym.
The property is let to five customers, at a passing rent of £53.70 per square foot with an average unexpired lease term of 8.7 years. Customers include the UK headquarters of Hugo Boss and French Connection. In addition, there is 12,000 sq. ft. of vacant space which has recently been refurbished.
Workspace said the acquisition completes its purchase of all seven buildings that comprise the Centro estate in Camden, providing in total 216,000 sq. ft. of net lettable space for a total purchase price, excluding costs, of £185.5m.
Chief executive officer Jamie Hopkins said: "This strategic purchase allows us to consolidate our presence in Camden. It provides an exciting and scale opportunity for our offer to this vibrant and dynamic area of London, as we continue to grow the business through selective acquisitions and delivery of our extensive refurbishment and redevelopment pipeline."
The acquisition will be funded from existing facilities and increases the pro forma loan to value ratio to 26%.