McKay acquired by Workspace

Reading property firm McKay Securities, have been acquired by Workspace group PLC. The company announced that the transaction was formally completed on Friday May 6.

On their last day of public trading before being acquired by London based Workspace, McKay completed a deal which saw the Reading Town centre office building, Great Brighams Mead sold to King's Oak for a reported £19 million.

King's Oak plan to convert the office building into a residential property. Planning has been sought and granted for 110 apartments in the building.

McKay is a commercial property investment firm which concentrated on deals in South East and London.

Thanking his staff on completion of the deal, Simon Perkins CEO McKay said: “I want to take this opportunity to thank the entire McKay team past and present, including our board, our trusted advisors within the property community, our partners and shareholders, all of whom contributed to the business success over its remarkable 76 year history, and made it a pleasure to lead."

Mr Simon Perkins continued: "I am proud to have been able to work alongside so many talented individuals over the past twenty years and wish the business well as part of the enlarged Workspace group, which stands exceptionally well positioned for continued future success.”

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