We are pleased to announce that Liberum successfully raised c. £180m through the placing of 16.3m shares in Workspace at 1,100p with institutional investors. BofAML was Joint Bookrunner alongside Liberum.
Established in 1987, and listed on the London Stock Exchange since 1993, Workspace owns and manages 3.7 million sq. ft. of business space across 66 London properties which it lets directly to customers.
The Group will use the £180m proceeds for the following:
• capital expenditure required for the ongoing project pipeline, which is intended to enhance the Company's rental income and value;
• continued implementation of the targeted acquisition strategy of properties across London where the Company believes there is an opportunity to apply the Workspace model to drive rental growth and value uplift;
• the recent acquisitions of five of the Centro buildings in Camden for £109 million in February 2018 and the remaining two Centro buildings for £76.5 million in April 2018; and
• other general corporate purposes.
Workspace is a FTSE 250 listed Real Estate Investment Trust and a member of the European Public Real Estate Association (EPRA).
Liberum was appointed as Joint Corporate Broker to the Company in October 2013 and raised £96.5m for Workspace in 2014.
Board – David Parsons
Investment Banking – Richard Crawley, Jamie Richards, Jonathan Wilkes-Green, Louis Davies
Sales – John Mozley
Research – David Brockton, James Ashley
Execution – Graham Smith, Mark O'Hara
Corporate Access – Lynsey Cox
Press Enquiries: Redleaf Polhill