Key facts
- Office Space in Town (OSiT) has secured a £129 million refinancing package.
- Aberdeen provided £72 million in backing for the deal.
- OSiT operates 225,000 sq ft of flexible office space in the UK.
- The company plans to acquire new sites and expand its "omni-office" offerings.
- OSiT's co-founder believes City workers have returned to offices post-pandemic.
Luxury workspace provider Office Space in Town (OSiT) has secured a £129 million refinancing package, with a significant portion backed by asset manager Aberdeen. The company, known for its themed offices such as Alice in Wonderland and Monopoly, operates 225,000 sq ft of flexible office space across the UK.
The new debt agreement is intended to facilitate the acquisition of new sites, particularly in the City of London, and to advance OSiT's "omni-office" strategy. This vision includes integrating facilities like padel courts, day nurseries, and dental practices into its locations, complementing existing amenities such as podcast studios and hairdressers.
Giles Fuchs, OSiT's co-founder, expressed confidence in the return of City workers to offices post-pandemic, citing the financing as evidence of renewed investor interest in the flexible workspace sector. He noted that OSiT's clientele includes investment funds, banks, and insurance brokers.
OSiT differentiates itself from competitors like WeWork and Regus by owning the leasehold rights to its buildings, which Fuchs described as a simple and resilient business model. The refinancing deal, advised by PwC, extends Aberdeen's seven-year relationship with OSiT.