BizSpace, the flexible workspace provider with a 6m sq ft property portfolio, is to be put up for sale.
Savills has been appointed to market the 98-strong portfolio of offices, workshops and storage space, with a price tag of between £125m and £130m.
PwC is acting on the corporate advisory elements of the deal, which will include the transfer of all of BizSpace’s staff and management.
Northwood acquired Highcross via its £635m purchase of Project Warwick in December last year. BizSpace was owned by Highcross but remains held in a freestanding vehicle.
A sale at asking would reflect a 60% premium on the £77.6m Highcross paid for BizSpace in 2006.
The sale – dubbed Project Spring – represents the first major portfolio to be marketed in 2015 after a bumper final quarter for portfolio sales last year.
Savills is expected to formally circulate the portfolio next week, with interest likely to come from US private equity and venture capital firms.
The bulk of the sites are small multilet business centres and parks spread throughout the country. However, the portfolio includes larger sites such as the 182,000 sq ft Vauxhall industrial estate in Stockport and the 205,085 sq ft Skelton industrial estate in Yorkshire.
A source said: “Looking at businesses like Workspace and WeWork, which operate in a similar area, flexible offices are looking like a growth sector. With the lack of any rival portfolios of scale on the market, Spring is sure to attract some serious interest.”
BizSpace was founded in 2000 by entrepreneur Larry Lipman when it was spun off from Safeland and floated on AIM.
chris.berkin@estatesgazette.com
