Workspace Group PLC on Friday announced the sale of one of its portfolio properties located in the London borough of Wimbledon.

The London-based flexible workspace provider announced it has completed the sale of its Rainbow Industrial Estate, a redevelopment site in Raynes Park, for a total of £20.3 million. The sale price is £1.0 million below its March 2024 valuation, reflecting a net initial yield of approximately 3.5%.

Chief Executive Officer Graham Clemett said: ‘The sale of this redevelopment site in Raynes Park continues our disposal of non-core assets, recycling capital into our core portfolio where we see significant opportunity to generate strong returns from upgrading space and delivering on our major refurbishment projects.’

Workspace shares were up 0.2% at 552.34 pence in London on Friday morning.

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