South African retail tycoon Christo Wiese has added to his string of UK investments with the acquisition of offices firm Ventia, which provides 2,500 desks across London.
The New Look and Virgin Active owner’s Boutique Workplace Company, part of Moorgarth Group, has bought the office supplier for an undisclosed sum.
The Boutique Workplace Company will retain Ventia’s 35-strong team, including director Dan Wheble.
Ventia provides space in 25 offices, predominantly in central London. Its tenants include the Royal Opera House and McDonald’s.
A member of the Sunday Times Virgin Fast Track 100 for a second year running, Ventia’s turnover has doubled in the past two years and it expects profits of more than £3m in this financial year.
David Hall, managing director of the Boutique Workplace Company, said: “The synergy between the two companies is undeniable as both businesses look to provide quality, bespoke serviced office space in central London.”
Earlier this year, Moorgarth agreed a joint venture with niche development company CCD Properties to target schemes with a total gross development value of up to £100m, seeking individual sites valued at between £2m and £10m.
Moorgarth has also been an active investor in the UK regions, buying Rutherglen shopping centre in Glasgow and the Market Place mall in Bolton, Lancashire, in 2012.
Wiese, the company’s major shareholder, is the chairman and largest single shareholder of Africa’s biggest retailer, budget supermarket chain Shoprite.
In May, an investment firm backed by Wiese paid £780m for a majority stake in New Look, and in April it bought Sir Richard Branson’s 80% stake in Virgin Active for £682m.
Doug Green of Green Kinnear Real Estate acted for Ventia.
