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LONDON-Workspace Group, the quoted property company that specialises in providing space for small and medium-sized businesses in London and the South East, has spent £19 million ($32 million) to buy eight more industrial estates in south London.

In the biggest deal, it has bought a portfolio of seven industrial estates from the London Borough of Lambeth for £15.53 million ($26 million). The Lambeth portfolio comprises 152,000 sf in 82 units, with a current occupancy level of 83%. The current rental income is £1.056 million ($1.75 million) representing an average rent of £8.37 ($14) per sf. The initial yield on the portfolio is 6.8%.

And Workspace has also acquired the Progress Business Park in Croydon. The estate provides 31,000 sf in 18 units, located off the A23 Purley Way. It was acquired for £3.38 million ($5.6 million) and produces a current rental income of £260,000 ($435,000) per annum, which represents a yield of 7.7%.

Harry Platt, Chief Executive of Workspace, said: “This portfolio fits with our existing portfolio extremely well. The estates are all well located and we are confident that they will respond well to our active management style. We are keen to create clusters of Workspace properties where we can offer a wide range of space to small businesses.

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