Workspace acquires office property from Helical for £125 million

FTSE 250-listed Workspace Group PLC said it has acquired The Shepherds Building in west London from property developer Helical PLC for GBP125.3 million. The freehold property consists of 150,000 square feet of offices, currently let to 32 customers at a passing rent of GBP45.60 per square feet with an average unexpired lease term of six years. The acquisition is expected to be completed next month, and Workspace is funded the deal through existing facilities. For Helical, the disposal allows the company to recycle capital to new development opportunities.

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