Workspace Updates Post-Offer Intentions for McKay

27 May 2022

Workspace Group plc

THE FOLLOWING ANNOUNCEMENT IS BEING MADE PURSUANT TO THE REQUIREMENTS OF RULE 19.6(B) OF THE CITY CODE ON TAKEOVERS AND MERGERS (THE "CODE")

Workspace Group plc ("Workspace")

Update on Post-Offer Intentions with regard to McKay Securities ("McKay") and the light industrial asset portfolio

Workspace confirms that following significant interest, it is considering disposing of the light industrial assets, formerly owned by McKay, as a single portfolio.

Further to the completion of its recommended cash and share acquisition of the entire issued and to be issued share capital of McKay, which was effected by way of a scheme of arrangement under Part 26 of the Companies Act 2006 on 6 May 2022 (the "Acquisition"), the Workspace Board has decided to take certain courses of action which differ from the statements of intent made pursuant to Rules 2.7(c)(iv) and 24.2 of the Code (the "Stated Intentions"), as set out in its announcement of 2 March 2022 and the scheme document published on 29 March 2022 (together, the "Offer Documentation").

Stated Intentions

As set out in the Offer Documentation, Workspace intended to take advantage of attractive opportunities to recycle capital into other assets, which may result in the disposal of certain assets, including light industrial properties.

Revisions to Stated Intentions

Since the Scheme effective date of 6 May 2022, Workspace has received unsolicited indications of interest from a number of parties for the acquisition of the entire portfolio of light industrial assets formerly owned by McKay. Workspace confirms that it is now considering disposing of the light industrial assets.

In all other respects, Workspace's Stated Intentions are unchanged from the statements as set out in the Offer Documentation.

This announcement is required under Rule 19.6(b) of the Code.

- ENDS -

For analyst and investor enquiries, please contact:

Paul Hewlett, Director of Strategy & Corporate Development                                        020 7138 3300

Kate Annakin, Interim Investor Relations Manager                                                           020 7369 2370

For media enquiries, please contact:

Workspace Group PLC                                         

Duncan Pelham, Senior Corporate Communications Manager                                      020 7369 2301

Finsbury Glover Hering                                                                                                         020 7073 6293

Chris Ryall    

Guy Lamming                                                                                           

Notes to Editors

About Workspace Group PLC:

Established in 1987, and listed on the London Stock Exchange since 1993, Workspace owns and manages some 4 million sq. ft. of business space in London. We are home to London's brightest businesses, including fast growing and established brands across a wide range of sectors. Workspace is geared towards helping businesses perform at their very best. We provide inspiring, flexible work spaces in dynamic London locations.

Workspace (WKP) is a FTSE 250 listed Real Estate Investment Trust (REIT) and a member of the European Public Real Estate Association (EPRA).

Workspace® is a registered trademark of Workspace Group Plc, London, UK.

LEI: 2138003GUZRFIN3UT430

For more information on Workspace, please visit www.workspace.co.uk