Cains has acted for London flexible office provider Office Space in Town (“OSiT”) on its most recent acquisition of an 80% stake in its London Serviced Office portfolio from Brightbay Real Estate Partners. OSiT is now the sole owner of the London Serviced Office portfolio. 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% on pre-pandemic levels. In fact, as workers return to offices, 41% of occupiers are expected to increase use of flexible workspace as part of a post-COVID work strategy.
OSiT, which has a market capitalisation of some £220m, has a string of spaces across the Square Mile, including Blackfriars, St Paul’s, Liverpool Street and Monument, as well as Waterloo and Mayfair. The buyout marks a major milestone for the future trajectory of the business, unleashing OSiT’s plans to increase the portfolio value to £500m in the next four years and to £1billion by 2029.
The Cains team comprised of Scott Leonard-Morgan, Stephanie Chew and Jessica Whitworth, and worked closely with leading City law firm RPC.