Serviced offices provider BE Offices has completed a £65m refinancing of its property portfolio with HSBC.
BE Offices has spent the past two years repaying £50m of debt, taking its gearing to an historic low of less than 50%.
It has also raised £70m from a number of sale and leaseback deals as part of a plan to raise liquidity and buy another five London centres.
Simon Rusk, finance director at BE Offices, said: “Over the last three years we have taken full advantage of a strong property investment market to re-balance our portfolio and cut debt.
“Equally we have taken the opportunity to grow the business as demand for well-run and managed serviced offices has expanded as a wide range of companies, from major corporates to start-ups, see the benefit of taking workspace on short-term and flexible loans. We believe this demand will continue to grow as the flexible space offer becomes an integral part of the broader offices market.”
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