| Type | Public (LSE: WKP) |
|---|---|
| Industry | Property |
| Founded | 1987 |
| Headquarters | Whitechapel Road, London, United Kingdom |
| Area served | Greater London |
| Key people | Antony Hales (Chairman of the board), Harry Platt (CEO) |
| Products | Commercial property for SMEs |
| Revenue | £69.8 million (yr to Mar 09)[1] |
| Operating income | £276.1 million (yr to Mar 09)[1] |
| Profit | £360.4 million (yr to Mar 09)[1] |
| Employees | 183 (2009)[1] |
| Website | www.workspacegroup.co.uk |
Workspace Group plc (LSE: WKP) is a real estate investment trust[2] based in London, England. Founded in 1987 by the privatisation of property assets of the former Greater London Council, the company lets office, industrial and workshop space to small and medium-sized enterprises. The firm is a former constituent of the FTSE 250 Index.
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The company was founded under the name London Industrial in 1987 as a vehicle for the disposal of the commercial property assets of the defunct Greater London Council.[3] Financed by a group of twelve investors, the company acquired 18 properties from the London Residuary Body,[3] which was charged with disposing the GLC's assets. The firm listed on the London Stock Exchange in 1993 with a market cap of around £30 million,[4] and subsequently expanded geographically with the purchase of industrial estates in the West Midlands.[3] The company changed its name to Workspace Group PLC in 1997.[5]
The £80 million purchase of 23 London properties from Tonex in 1999 increased the Workspace portfolio by 40%,[6] while the Midlands investments were sold off two years later as the group chose to concentrate on the capital region.[3] Along with eight other major British property companies, Workspace converted to real estate investment trust status upon their introduction to the UK in January 2007.[7]
98% of Workspace Group's property portfolio lies within the M25 (its only three sites outside Greater London are in Maidenhead, Berkshire and Harlow and Basildon, Essex).[1] The portfolio, valued at just over £650 million,[1] comprises a (largely freehold) mix of office buildings, industrial estates, serviced offices and warehouses primarily for let to small and medium-sized enterprises.