Workspace, BlackRock Form Commercial Property Venture, FT Says

Workspace Group Plc, a U.K. property company that rents office space to small and medium-sized businesses, is setting up a joint venture with BlackRock UK Property Fund, the Financial Times reported.

The venture will buy high-yielding multilet industrial or office buildings in and around London, the newspaper said.

The partners will commit as much as 100 million pounds ($160 million) of equity, with BlackRock providing 80 percent of the money and Workspace 20 percent, the FT said.

To contact the reporter on this story: Alan Purkiss in London on apurkiss@bloomberg.net.

To contact the editor responsible for this story: Colin Keatinge at ckeatinge@bloomberg.net.

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