OFFICE space provider Workspace has inked a deal to buy commercial property investment firm McKay Securities for £272m.

Each McKay shareholder will receive 209p per share and 0.115 new Workspace shares.

The deal will bring improved income and capital growth prospects and gross property assets of £2.9bn, Workspace said yesterday.

These assets are made up with 84 per cent of London office space, 10 per cent of light industrial space and five per cent of South-East office space and one per cent of 'other'.

(c) 2022 City A.M., source Newspaper