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City office provider buys back full portfolio amid record interest

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It comes three weeks after Gresham announced it is set to be bought by STG Partners, an American private equity firm, for just under £150m.
Gresham’s board said that the “low level of liquidity” on the London Stock Exchange was a key factor in its decision to step away from the public markets.

London office provider Office Space in Town (OSiT) has claimed full ownership of its portfolio, City PM can reveal today, as it looks to grow its portfolio into a £1bn powerhouse before the end of the decade.

The company, which has a market capitalisation of some £220m, has snapped up the remaining 80 per cent stake in its London serviced office portfolio from Brightbay Real Estate Partners, after the company bought it from OSiT for £161m in 2018.

The City office provider has a string of spaces across the Square Mile, including Blackfriars, St Paul’s, Liverpool Street and Monument, as well as Waterloo and Mayfair.

GEO Giles Fuchs said the deal marked the “beginning of an incredibly exciting chapter” in the company’s growth, at a time when the office real estate market in the capital in booming post-lockdown.

Fuchs added that in this new phase of ownership, the company hopes to double down on its “active search to acquire new buildings”, which forms part of its ambitious growth plans.

Before its end-of-decade goal, OSiT hopes its portfolio will be worth £500m in the next four years, as the so-called ‘flight to quality’ post-pandemic prompts businesses to flock to the capital in order to do business.