London Stock Exchange welcomes Workspace Group PLC to the Order Book for Retail Bonds

  • London Stock Exchange Market Open

Wednesday 10th October 2012

London Stock Exchange welcomes Workspace Group PLC, London’s leading provider of tailored business space to new and growing companies, to its Order Book for Retail Bonds, with the launch of its 6% 2019 debut retail bond, which raised £57.5 million.

Founded in 1987 and listed on the London Stock Exchange (LSE) since 1993, Workspace owns and manages over 100 London properties, home to some 4,000 businesses across a broad range of sectors employing more than 30,000 people.Jamie Hopkins, Chief Executive Officer of Workspace Group PLC, commented: "We are delighted with the success of Workspace’s debut retail bond, which exceeded our target.  It is excellent to see such a positive response from the private investor community which highlights the attractiveness of Workspace’s recurring revenue streams, high occupancy rates and operational resilience.”

Gillian Walmsley, Head of Fixed Income at London Stock Exchange, said:

“We are delighted to welcome Workspace’s retail bond to market. This is an exciting British company serving innovative young businesses. As our ORB market goes from strength to strength we are delighted to see an increasing number of such issuances, with encouraging uptake from the private investor community, and growing amounts of secondary trading after listing.”

Chris Babington, Joint Lead Manager, Investec commented:

“Investec is delighted to have joint led Workspace’s retail bond which has set a new benchmark in the sector for covenants and investor protection. It is encouraging to see new issuers access the retail bond market as this becomes an increasingly relevant and reliable alternative source of finance.”

Oliver Cardigan, Joint Lead Manager, Numis commented:

“Numis is very pleased to have worked with Workspace on its first retail bond. The success of this bond demonstrates the growing investor appetite for these products, particularly for issues with attractive banking covenant arrangements.  This bond also marks a growing trend of property companies choosing to raise money and diversify sources of financing through this market.”