Slaughter and May is advising McKay Securities Plc on its recommended acquisition by Workspace Group Plc

Slaughter and May is advising McKay Securities Plc on the recommended acquisition of its entire issued and to be issued share capital by Workspace Group Plc, one of London’s leading providers of flexible office space. The acquisition was announced on 2 March 2022.

Under the terms of the acquisition, each McKay shareholder will be entitled to receive 0.115 Workspace shares and 209 pence in cash for each McKay share held by them. The acquisition values the entire issued and to be issued share capital of McKay at approximately £277 million on a fully diluted basis and is expected to complete in May 2022, subject to receipt of customary shareholder approvals.

McKay is a commercial property investment company with Real Estate Investment Trust (REIT) status specialising in the development, refurbishment and management of office, industrial and logistics property in the South East and London. McKay's strategy is to invest in well located, quality commercial real estate assets with income and capital growth potential over the longer term, realisable through active portfolio management, refurbishment and development.

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