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Office Space in Town Acquires Full Ownership of Portfolio
13 July 2022
London officer provider Office Space in Town has claimed full ownership of its flexible office portfolio, having acquired Brightbay Real Estate Partners' 80 per cent share.
Office Space in Town (OSiT) plans to increase the portfolio value to £500 million in the next four years and to £1 billion by 2029. OSiT is also actively seeking new buildings in prime London locations to purchase to meet the rising demand for flexible workspace, as well as partners to support its ambitious growth plans.
The deal follows a period of exponential growth for the sector following the COVID-19 pandemic, which has seen demand for flexible office space up 82 per cent on pre-pandemic levels. As workers return to offices, 41 per cent of occupiers are expected to increase the use of flexible workspace as part of a post-COVID work strategy.
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Industry-Wide Standard for Flexible Offices
Defining an industry-wide valuation standard for flexible offices remains a major priority for the company in the next six months, with talks ongoing between OSiT and academics Professor Neil Dunse and Professor Michael White.
Giles Fuchs, Chairman of Office Space in Town, said: “This deal marks the beginning of an incredibly exciting chapter in OSiT’s growth. This new phase will enable the OSiT team to deliver on our ambitious vision for the future, including our active search to acquire new buildings and plans to grow the portfolio value to £ 1 billion.
“Our partnership with Brightbay showcased just how much value and potential institutional investors see within our rapidly growing sector and in OSiT as a business. I would like to thank the entire team, including Stephen Oakenfull and Adrian Horsburgh, for such an exciting journey.”
Picture: a photograph from one of Office Space in Town's properties, showing a meeting room. There is a large meeting table in front of a wall-mounted screen with several chairs. Sculptures of giraffes are emerging from the walls. Image Credit: Office Space in Town
Article written by Ella Tansley | Published 13 July 2022
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