Press Release July 06, 2017

Workspace Acquires Salisbury House in London for £158.7 Million

Goodwin’s London Real Estate team advised Workspace Group PLC on its acquisition of Salisbury House at 28-31 Finsbury Circus, London EC2, for a cash consideration of £158.7 million. The transaction will be funded from Workspace’s existing resources, including an additional £100 million of five-year revolver facilities provided by its bank lending syndicate under the existing overarching agreement. The syndicate will provide an additional £50 million 364-day revolver facility for working capital purposes. The property is held on a long leasehold from the City of London Corporation and has generated net rental income of £8.1 million over the last 12 months.

Salisbury House is a Grade-II listed building located in the heart of London, near the new Crossrail station at Moorgate and both Liverpool Street and Bank stations. The building has a distinctive Edwardian façade and four entrances providing direct access to both Finsbury Circus and London Wall.

Workspace is an FTSE 250 Real Estate Investment Trust which owns 68 properties across 3.6 million sq. ft. in London. The company provides inspiring, flexible workspaces to 4,000 companies ranging from startups to established brands in dynamic London locations.

The Goodwin team was led by partner Joe Conder and included associate Simon Woodcock in London.

For additional details on the transaction, please read the press release.