The London Real Estate Industry team advised Workspace Group plc in its acquisition of Busworks, a former Victorian bus factory with a rich history dating back to 1888, for £45 million. Workspace intends to upgrade the building and reposition the offering towards its distinctive, flexible model over time, as the company looks to continue expanding its footprint across London. The transaction involved the purchase of the entire issued share capital of Busworks Limited which is the sole shareholder of two property holding subsidiaries, Omnibus Workspace Limited and United Workspace Limited. The property, which is operated as a multi-let business center, provides 104,000 sq. ft. of net lettable space on a 1.6 acre site.
Established in 1987, and listed on the London Stock Exchange since 1993, Workspace owns and manages some 4 million sq. ft. of business space in London. The company is home to London's brightest businesses, including fast growing and established brands across a wide range of sectors. Workspace is geared towards helping businesses perform at their very best.
The Goodwin team was led by Martin Smith and Simon Woodcock with assistance from James Spence, Charlie Robinson, Katie Sharkey, Louise DeSouza, Robert Coleman-Lee, George Marsden, Anna Kaye, Phoebe Boag, Rob Young, Amy Francis, Hayley Davis and Fergus Plant.
For additional details on the acquisition, please read the press release and coverage in React News.