- Sirius will acquire Helix Investments Ltd., the holding company of flexible workspace provider BizSpace.
- The deal allows Sirius to enter the UK market in what it believes is “a highly attractive and strategically important opportunity”.
- The acquisition is expected to close in Q4 2021 and is conditional upon completion of Sirius Real Estate’s capital raise.
Värde Partners has agreed the sale of BizSpace, one of the largest flexible workspace providers in the UK, to German investor and business park operator Sirius Real Estate for £380 million.
Sirius will acquire Helix Investments Ltd., the holding company of BizSpace for £245 million and will place shares to raise funds for the remaining £135 million.
The deal allows Sirius to enter the UK market in what it believes is “a highly attractive and strategically important opportunity”.
The group told investors: “The board believes that the acquisition presents an opportunity for the company to replicate the success of the Sirius model in another European geography, providing Sirius’ shareholders with an opportunity for significant value creation and further long-term growth potential.”
Sirius, a major operator of business parks in Germany providing both flexible and conventional workspace, is listed on the London Stock Exchange and the main board of the JSE.
BizSpace, which was acquired by Värde Partners in 2015, is a long-established regional flexible workspace operator that currently manages 72 locations across the UK, 96% of which are based outside of London.
Its portfolio includes over 4.3 million square feet of industrial, mixed-use and serviced office space.
John Spencer, Chief Executive Officer of BizSpace, and former Chief Executive of Regus UK and Landmark, 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.
