Private equity firm Forum partners has backed a new London serviced office company which has made its debut purchase.
The investment manager has provided £30m of equity to establish London Serviced Offices, with Giles and Niki Fuchs’s Office Space in Town.
The partners have bought 46 New Broad Street, near Liverpool Street, EC2, which it has bought for around £7.25m, as their first investment.
The 35,416 sq ft property was formerly owned by David Pearl’s Structadene, which bought it in November 2007 from IVG for £15.6m. It will be available to tenants from 1 October 2012.
Forum managing director Andrew Walker said: “We have successfully invested in the serviced offices business through one of our earlier funds (FERI I) and remain convinced of the attractions of this well-established market in the UK looking ahead.
“Giles Fuchs and his team at Office Space in Town are highly experienced operators and we look forward to working closely with them as partners.”
Office Space in Town chief executive, Giles Fuchs, said: “We have already had significant interest shown by prospective tenants for 46 New Broad Street and, with further substantial financial resources available, we are currently seeking new investments in central London locations with mainline rail and good interconnecting public transport links, with the aim of being fully invested by the end of 2012.”
