Global alternative investment firm Värde Partners said Monday it has agreed to sell BizSpace, a provider of regional flexible workspace in the UK, to Sirius Real Estate for £380 million.
With 72 locations across Great Britain offering over 4.3 million square feet of industrial, mixed-use and office space, BizSpace is home to more than 3,250 small and medium sized businesses.
Värde Partners acquired the company in 2015 for £139 million in a debt-for-equity swap,according to the statement by the company.
“Having successfully grown and repositioned the business, we believe BizSpace is incredibly well-positioned to capitalize on the changing use of commercial real estate. As the nature of workspace use continues to shift, the company is underpinned by a proven operating platform capable of meeting the evolving needs of SMEs,” said Tony Iannazzo, Senior Managing Director at Värde Partners.
John Spencer, Chief Executive Officer of BizSpace, said: “Businesses and employees are increasingly attracted to more flexible arrangements for workspace, and are placing a greater emphasis on convenience and community. BizSpace is well placed to capture the growing demand for flexible workspace and I look forward to working with the new owners as we execute our strategic plan and deliver for our customers.”
The acquisition is expected to close in Q4 2021 and is conditional upon completion of Sirius Real Estate’s capital raise.
