Office Space in Town secures £129m debt refinancing

What's the deal? Office Space in Town (OSiT)Dealroom has a profile for this one. Try Dealroom →, a UK flexible workspace provider, has secured a £129m refinancing package. AberdeenDealroom has a profile for this one. Try Dealroom → contributed around £72m of the debt, which covers a minimum two-year period. PwCDealroom has a profile for this one. Try Dealroom → advised on the deal.

What does OSiT do? It operates 225,000 sq ft of flexible office space in the UK, including themed sites in London. The firm owns the leasehold rights to its buildings.

What's the endgame? OSiT says the debt will fund new acquisitions in the Square Mile and its "omni-office" vision — locations with padel courts, day nurseries and dental practices.

Why now? Co-founder Giles Fuchs said the refinancing reflects the return of City workers to offices after the Covid-19 pandemic. The company is positioning the package to support expansion while flexible workspace demand remains strong.

Investor view: The financing extends Aberdeen's seven-year partnership with OSiT.

Edge over rivals: Fuchs said OSiT is better positioned than WeWork and RegusDealroom has a profile for this one. Try Dealroom → because it owns its buildings.

Read more: City A.M.

Image credit: Generated with Gemini