Workspace Group (WKP): Low-conviction building disposals

This situation live

WKP Workspace Group

£677m · 330.8p · −18% since the first step

19 Nov 2025 · £52.4m exchanged or completed of £200m · +0% until the next step We are on track to deliver on our target of £200 million of disposals within two years.

26 Nov 2025 · £94.1m sold or exchanged; several more under offer · +10% until the next step This brings the total assets sold or exchanged in the year to date to £94.1m, with several additional assets also under offer.

21 Jan 2026 · £106m of £200m exchanged or completed · −16% until the next step £106m of disposals now exchanged or completed against our £200m two-year target

17 Apr 2026 · £125.7m of £200m exchanged or completed · −5% until the next step This takes the total assets now exchanged or completed to £125.7m against our £200m two-year target.

10 Jun 2026 · £125.7m done; £60.4m in discussions · −1% until the next step In June 26, we exchanged on the sale of two further properties for £6.0m with a further £60.4m in active discussions towards existing target of £200m

9 Jul 2026 · Disposals continuing; more discounts disclosed · +5% until the next step Since the start of FY27, a further three properties have been sold at an average discount of 22.3%.

15 Jul 2026 · £138.4m exchanged or completed against £200m target · −1% until the next step We are considering an additional £100m+ of disposals above our original target, and we have over £200m of assets currently being marketed for sale.

15 Oct 2026 · £138m done; extra £100m+ unlikely by March 2027 · −4% since Given market conditions, the additional £100m+ of disposals that was being considered is unlikely to be fully achieved by March 2027.

Disposal of a part (break-up)

Low-conviction building disposals

£138m done; extra £100m+ unlikely by March 2027

MAR31 Next: complete £200m disposal target by March 2027 in 158 days

Every step · 8

19 Nov 2025 £52.4m exchanged or completed of £200m – We are on track to deliver on our target of £200 million of disposals within two years. ↗
26 Nov 2025 £94.1m sold or exchanged; several more under offer – This brings the total assets sold or exchanged in the year to date to £94.1m, with several additional assets also under offer. ↗
21 Jan 2026 £106m of £200m exchanged or completed – £106m of disposals now exchanged or completed against our £200m two-year target ↗
17 Apr 2026 £125.7m of £200m exchanged or completed – This takes the total assets now exchanged or completed to £125.7m against our £200m two-year target. ↗
10 Jun 2026 £125.7m done; £60.4m in discussions – In June 26, we exchanged on the sale of two further properties for £6.0m with a further £60.4m in active discussions towards existing target of £200m ↗
9 Jul 2026 Disposals continuing; more discounts disclosed – Since the start of FY27, a further three properties have been sold at an average discount of 22.3%. ↗
15 Jul 2026 £138.4m exchanged or completed against £200m target – We are considering an additional £100m+ of disposals above our original target, and we have over £200m of assets currently being marketed for sale. ↗
15 Oct 2026 £138m done; extra £100m+ unlikely by March 2027 – Given market conditions, the additional £100m+ of disposals that was being considered is unlikely to be fully achieved by March 2027. ↗

What is happening

Workspace Group: Low-conviction building disposals – £138m done; extra £100m+ unlikely by March 2027. ['£138m done; extra £100m+ unlikely by March 2027']

In short: Since November 2025 Workspace has sold low-conviction buildings under a £200m target to March 2027. By 15 July, £138.4m was exchanged or completed. The 15 October Q2 update adds £13.0m of completions, but buyers want bigger discounts and deals are slower. The extra £100m+ is unlikely to be fully achieved by March 2027.
Announced: 19 Nov 2025 · £52.4m exchanged or completed of £200m
Latest: 15 Oct 2026 · £138m done; extra £100m+ unlikely by March 2027
Total disposals: £138.3m since March 2025, against £200m target by March 2027
Q1 sales: £12.6m sold in Q1 at average 22.3% discount to book value
Recent sales: Chiswick Studios £3.0m, One Crown Square £3.0m, Evergreen Studios £6.6m; average yield 12.4%
Net debt: £754m at 30 Sep 2026, up £14m from £740m
Q2 completions: Parkhall Blocks A&B and 66 Wilson Street completed, £13.0m cash proceeds
Q1 discount: Three disposals agreed in Q1 for £12.6m at 28.0% aggregate discount to March 2026 book value
Pipeline: Over £50m under offer; close to £200m in active discussions
Extra disposals: Additional £100m+ unlikely to be fully achieved by March 2027

What comes next

complete £200m disposal target by March 2027 (31 Mar 2027).

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