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. Growth since 1994 has been organic with debt financed property purchases and target gearing of around 100%. 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 £80 million, 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 with the target of doubling in value by 2006. This was achieved. The Company now focuses exclusively on the London market.

Shareholders have over the last 10 years seen an average annual compound growth in Net Asset Value per share of 20% and dividend of 10.7% (to full year 31 March 2007).