Sirius Real Estate, an operator of conventional space and flexible workspace in Germany, has entered the UK market via the acquisition of a £380m (€442m) workspace provider from Värde Partners.
Sirius has agreed to buy Helix Investments, the holding company of BizSpace, the workspace provider with 72 locations across Great Britain.
London and Johannesburg–listed Sirius said the acquisition will be funded by a combination of new and existing debt together with the proceeds of a proposed fundraise which is expected to raise gross proceeds of £135m.
Andrew Coombs, CEO of Sirius Real Estate, said the transaction provides an opportunity to enter a new geography at scale and “extends our successful strategy to target highly strategic locations and assets in order to generate sustainable and growing returns on behalf of investors”
Tony Iannazzo, senior managing director at Värde Partners, said: “Having successfully grown and repositioned the business, we believe BizSpace is incredibly well-positioned to capitalise on the changing use of commercial real estate.”
Värde Partners acquired the flexible workspace provider in 2015 for £139m in a debt-for-equity swap deal.
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