Flexible office provider Office Space in Town (OSiT) has completed a £129m refinancing agreement.
Aberdeen Investments, which has committed circa £72m, is the senior lender in the refinancing agreement, which extends over a minimum two-year period. The deal will provide ongoing financial support for four of OSiT’s Zone 1 London office buildings at St Paul’s, Liverpool Street, Monument and Waterloo.
Founded in May 2009 by brother and sister Giles and Niki Fuchs, alongside partner Sarah Singlehurst, OSiT buys, refurbishes and occupies its own buildings. OSiT is currently looking for an investment partner to support its plans to acquire new buildings in Zone 1 locations and continue to scale its owner-operator structure.
Giles Fuchs, co-founder of Office Space in Town (OSiT), said: “This refinancing agreement marks an important milestone for OSiT and reflects the strength of our owner-operator model. We have built a differentiated business focused on capital gain and robust income, through service, design and long-term relationships with occupiers, and this support enables us to continue strengthening our portfolio and delivering exceptional flexible workspaces.”
Martin Barnewell, head of commercial real estate at Aberdeen Investments, added: “We have had a long-term relationship with Giles and the OSiT team. Having gone through the Covid lockdown, we have seen first-hand how resilient their income and model is. We are pleased to continue to support OSiT and look forward to the next chapter of their growth.”
