Workspace Group
Encyclopedia
Workspace Group plc is a real estate investment trust
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
.
assets of the defunct Greater London Council
. Financed by a group of twelve investor
s, the company acquired 18 properties from the London Residuary Body
, 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, and subsequently expanded geographically with the purchase of industrial estate
s in the West Midlands
. The company changed its name to Workspace Group PLC in 1997.
The £80 million purchase of 23 London properties from Tonex in 1999 increased the Workspace portfolio by 40%, while the Midlands investments were sold off two years later as the group chose to concentrate on the capital region. 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.
(its only three sites outside Greater London
are in Maidenhead
, Berkshire
and Harlow
and Basildon
, Essex
). The portfolio, valued at just over £650 million, comprises a (largely freehold
) mix of office buildings, industrial estates
, serviced offices and warehouse
s primarily for let
to small and medium-sized enterprises.
Real estate investment trust
A real estate investment trust or REIT is a tax designation for a corporate entity investing in real estate. The purpose of this designation is to reduce or eliminate corporate tax. In return, REITs are required to distribute 90% of their taxable income into the hands of investors...
based in London
London
London is the capital city of :England and the :United Kingdom, the largest metropolitan area in the United Kingdom, and the largest urban zone in the European Union by most measures. Located on the River Thames, London has been a major settlement for two millennia, its history going back to its...
, England
England
England is a country that is part of the United Kingdom. It shares land borders with Scotland to the north and Wales to the west; the Irish Sea is to the north west, the Celtic Sea to the south west, with the North Sea to the east and the English Channel to the south separating it from continental...
. Founded in 1987 by the privatisation
Privatization
Privatization is the incidence or process of transferring ownership of a business, enterprise, agency or public service from the public sector to the private sector or to private non-profit organizations...
of property
Property
Property is any physical or intangible entity that is owned by a person or jointly by a group of people or a legal entity like a corporation...
assets of the former Greater London Council
Greater London Council
The Greater London Council was the top-tier local government administrative body for Greater London from 1965 to 1986. It replaced the earlier London County Council which had covered a much smaller area...
, the company lets
Renting
Renting is an agreement where a payment is made for the temporary use of a good, service or property owned by another. A gross lease is when the tenant pays a flat rental amount and the landlord pays for all property charges regularly incurred by the ownership from landowners...
office
Office
An office is generally a room or other area in which people work, but may also denote a position within an organization with specific duties attached to it ; the latter is in fact an earlier usage, office as place originally referring to the location of one's duty. When used as an adjective, the...
, industrial and workshop
Workshop
A workshop is a room or building which provides both the area and tools that may be required for the manufacture or repair of manufactured goods...
space to small and medium-sized enterprises. The firm is a former constituent of the FTSE 250 Index
FTSE 250 Index
The FTSE 250 Index is a capitalisation-weighted index consisting of the 101st to the 350th largest companies on the London Stock Exchange. Promotions to and demotions from the index take place quarterly in March, June, September and December...
.
History
The company was founded under the name London Industrial in 1987 as a vehicle for the disposal of the commercial propertyCommercial property
The term commercial property refers to buildings or land intended to generate a profit, either from capital gain or rental income.-Definition:...
assets of the defunct Greater London Council
Greater London Council
The Greater London Council was the top-tier local government administrative body for Greater London from 1965 to 1986. It replaced the earlier London County Council which had covered a much smaller area...
. Financed by a group of twelve investor
Investor
An investor is a party that makes an investment into one or more categories of assets --- equity, debt securities, real estate, currency, commodity, derivatives such as put and call options, etc...
s, the company acquired 18 properties from the London Residuary Body
London Residuary Body
The London Residuary Body was a body set up in 1985 to dispose of the assets of the Greater London Council after the council's abolition in 1986. Similar residuary bodies were set up for the metropolitan counties. After the abolition of the Inner London Education Authority, the LRB took control of...
, which was charged with disposing the GLC's assets. The firm listed
Initial public offering
An initial public offering or stock market launch, is the first sale of stock by a private company to the public. It can be used by either small or large companies to raise expansion capital and become publicly traded enterprises...
on the London Stock Exchange
London Stock Exchange
The London Stock Exchange is a stock exchange located in the City of London within the United Kingdom. , the Exchange had a market capitalisation of US$3.7495 trillion, making it the fourth-largest stock exchange in the world by this measurement...
in 1993 with a market cap
Market capitalization
Market capitalization is a measurement of the value of the ownership interest that shareholders hold in a business enterprise. It is equal to the share price times the number of shares outstanding of a publicly traded company...
of around £30 million, and subsequently expanded geographically with the purchase of industrial estate
Industrial park
An industrial park is an area zoned and planned for the purpose of industrial development...
s in the West Midlands
West Midlands (region)
The West Midlands is an official region of England, covering the western half of the area traditionally known as the Midlands. It contains the second most populous British city, Birmingham, and the larger West Midlands conurbation, which includes the city of Wolverhampton and large towns of Dudley,...
. The company changed its name to Workspace Group PLC in 1997.
The £80 million purchase of 23 London properties from Tonex in 1999 increased the Workspace portfolio by 40%, while the Midlands investments were sold off two years later as the group chose to concentrate on the capital region. Along with eight other major British property companies, Workspace converted to real estate investment trust
Real estate investment trust
A real estate investment trust or REIT is a tax designation for a corporate entity investing in real estate. The purpose of this designation is to reduce or eliminate corporate tax. In return, REITs are required to distribute 90% of their taxable income into the hands of investors...
status upon their introduction to the UK in January 2007.
Portfolio
98% of Workspace Group's property portfolio lies within the M25M25 motorway
The M25 motorway, or London Orbital, is a orbital motorway that almost encircles Greater London, England, in the United Kingdom. The motorway was first mooted early in the 20th century. A few sections, based on the now abandoned London Ringways plan, were constructed in the early 1970s and it ...
(its only three sites outside Greater London
Greater London
Greater London is the top-level administrative division of England covering London. It was created in 1965 and spans the City of London, including Middle Temple and Inner Temple, and the 32 London boroughs. This territory is coterminate with the London Government Office Region and the London...
are in Maidenhead
Maidenhead
Maidenhead is a town and unparished area within the Royal Borough of Windsor and Maidenhead, in Berkshire, England. It lies on the River Thames and is situated west of Charing Cross in London.-History:...
, Berkshire
Berkshire
Berkshire is a historic county in the South of England. It is also often referred to as the Royal County of Berkshire because of the presence of the royal residence of Windsor Castle in the county; this usage, which dates to the 19th century at least, was recognised by the Queen in 1957, and...
and Harlow
Harlow
Harlow is a new town and local government district in Essex, England. It is located in the west of the county and on the border with Hertfordshire, on the Stort Valley, The town is near the M11 motorway and forms part of the London commuter belt.The district has a current population of 78,889...
and Basildon
Basildon
Basildon is a town located in the Basildon District of the county of Essex, England.It lies east of Central London and south of the county town of Chelmsford...
, Essex
Essex
Essex is a ceremonial and non-metropolitan county in the East region of England, and one of the home counties. It is located to the northeast of Greater London. It borders with Cambridgeshire and Suffolk to the north, Hertfordshire to the west, Kent to the South and London to the south west...
). The portfolio, valued at just over £650 million, comprises a (largely freehold
Fee simple
In English law, a fee simple is an estate in land, a form of freehold ownership. It is the most common way that real estate is owned in common law countries, and is ordinarily the most complete ownership interest that can be had in real property short of allodial title, which is often reserved...
) mix of office buildings, industrial estates
Industrial park
An industrial park is an area zoned and planned for the purpose of industrial development...
, serviced offices and warehouse
Warehouse
A warehouse is a commercial building for storage of goods. Warehouses are used by manufacturers, importers, exporters, wholesalers, transport businesses, customs, etc. They are usually large plain buildings in industrial areas of cities and towns. They usually have loading docks to load and unload...
s primarily for let
Renting
Renting is an agreement where a payment is made for the temporary use of a good, service or property owned by another. A gross lease is when the tenant pays a flat rental amount and the landlord pays for all property charges regularly incurred by the ownership from landowners...
to small and medium-sized enterprises.