The Office Group sale 'bags Dorfman £200m'

Cornelia Mascio
Giugno 19, 2017

Its clients include AOL, Dropbox, Pinterest, British Gas and Santander.

The timing of the deal, which comes at a time of conflicting signals about the outlook for United Kingdom commercial property, will be seen as a sign that global investors remain confident in its prospects.

The beginning of formal talks between the United Kingdom and the European Union coincides with ongoing contingency plans being drawn up by a string of big City employers to move jobs to the Continent.

Blackstone is the world's largest property investor and manages £122bn worth of real estate assets, comprising almost half of its total portfolio of £281.14bn.

Rothschild advised The Office Group on the sale, originally looking for minority investors.

The Office Group is performing strongly, according to the most recent results published past year, which showed pre-tax profits of more than £15m in 2015.

The flexible office space provider was launched in 2003 by co-chief executives Olly Olsen and Charlie Green.

Despite backing the Remain campaign, Dorfman has said the result of the European Union referendum benefited The Office Group.

They combined their business with four sites owned by Mr Dorfman in 2010 - expanding the estate to a current level of 36 buildings, mainly in central London. He explained that economic uncertainty made flexible office space business more attractive.

The Office Group is one of a number of firms pioneering London's flexible office and co-working market.

Its management team is understood to be retaining a small stake in The Office Group under the deal with Blackstone.

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