Company history

Workspace Group PLC (formerly known as London Industrial PLC) was established in 1987 as the vehicle for the privatisation of part of the former Greater London Council’s industrial property portfolio. With capital of £17 million subscribed by a group of 12 institutions, it acquired from the London Residuary Body a portfolio of 18 small-unit multi-tenanted industrial estates comprising some 710,000 sq. ft. of floorspace. The estates were all located in Greater London, predominantly in East London.

The Group floated on the London Stock Exchange in 1993 raising further funds through a share placing in 1994 it expanded outside London with the acquisition of a portfolio of industrial estates, primarily in the West Midlands. Over the years, the portfolio has steadily increased in size and geographical coverage. In the summer of 1999, a major acquisition of the Tonex portfolio for £80m, situated primarily in London, increased the portfolio by 40%. In 2001, the Group sold its Midlands properties and decided to focus its expansion on London and the South East. The Company now focuses exclusively on the London market.In June 2006 a portfolio of properties totalling 1.2m sq. ft. was transferred to a joint venture with Glebe Developments in order to seek development opportunities and maximise value of a number of estates for a cash consideration of £146m.

The Group raised £81m through a Rights Issue in March 2009 to strengthen its balance sheet in the light of reducing property values and the economic downturn.

In December 2009 the Glebe Joint Venture assets were repurchased for £15m cash consideration and £68m of stapled debt.

A further Right Issue in July 2011 raised £63m in order to provide the company with additional financial recourses in order to accelerate the investment programme across its existing portfolio and to take advantage of  attractively priced property acquisitions.