The Leading News & Information Service For The Facilities, Workplace & Built Environment Community

Office Space in Town Acquires Full Ownership of Portfolio

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.

 

Image

 

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

Share



Related Articles

Office Space in Town Named as Sunday Times Best Place to Work

Flexible workplace provider Office Space in Town has been named in The Sunday Times Best Places to Work 2023 list in the Small Organisation category. Office Space...

 Read Full Article
WeWork Shares to go Public Via Merger

WeWork, the co-working office space company, will see its shares start trading on the stock market, via its merger with BowX Acquisition Corp. This comes less than two...

 Read Full Article
The Working from Home U-Turn – The Commercial Office Letting Sector Responds

Following the government’s change in working from home guidance, how has the commercial office letting industry responded? COVID-19 restrictions have been...

 Read Full Article
BGES Group Acquired by learnd Limited

Building management solutions company BGES has been acquired by learnd Limited, as part of its plan to become the leading energy management provider in Europe. learned...

 Read Full Article
Diamond Facilities Support Group Founders Complete Purchase of 100% Shareholding 

Adam Atkins and Helen Cooper, the founders of Diamond Facilities Support Group, now own a 100 per cent stake in the business as it reaches its 14th anniversary. Coat...

 Read Full Article
Compass Group Agrees to Acquire CH&CO

Compass Group UK & Ireland has proposed to acquire the food business CH&CO. The deal is for an initial enterprise value of £475 million, with the...

 Read Full Article
Bellrock Enhances IWMS Offering With New Acquisition 

Just over a week since announcing its acquisition deal with Capital & Provincial, Bellrock has added Mobiess Ltd to its group. Mobiess Ltd provides integrated...

 Read Full Article
Apleona Buys German HVAC Specialist

Apleona has acquired the ventilation and air conditioning company Air for All, based in Gerlingen near Stuttgart. Air for All’s existing management team...

 Read Full Article
Celnor Group Acquires Majority Share of Assurity Consulting

Celnor Group, a specialist in testing, inspection, certification, and compliance, has acquired a majority share of Assurity Consulting Ltd. This new ownership...

 Read Full Article
Bellrock Group Acquires Capital & Provincial

Bellrock Property & Facilities Management has acquired the project management and property consultancy company Capital & Provincial. Bellrock, formerly known...

 Read Full Article