London Executive Offices (LEO), a provider of London workspace, has been sold by Queensgate Investments (QI) to a private investor.
Financial details were not disclosed but QI said that the sale plus interim distributions resulted in a return of around 3.0x to Queensgate fund investors. The firm bought LEO from Morgan Stanley in 2013.
The office provider manages 38 buildings located in central London, comprising a mix of listed and modern buildings, totalling some 900,000 ft2 (86,600 m2) of space. This includes 11 owned properties.
The purchaser has taken on the business in its entirety, as well as its 260 team members across the portfolio.
'This is the beginning of a new and extremely exciting era for LEO and its clients,' said Jason Leek, LEO chief executive.
'As demand for flexible workspace continues to grow in the UK, LEO has gone from strength to strength,' he added. 'With a supportive new owner, LEO will remain a strong and independent business committed to investing in our people and continuing to develop fantastic working environments for our clients.'
The workspace provider said it had over 5,000 clients at time of sale, ranging from start-ups and small businesses through to more established corporate occupiers.
'The LEO sale highlights QI’s proven ability to buy defensively and create value through multiple income and capital levers for our investors,' said Jason Kow, QI CEO.
Rothschild & Co, Brown Rudnick and KPMG advised QI.
HFF Securities, Bryan Cave Leighton Paisner and PwC advised the purchaser.
