Asia-focused private equity investor PAG has bought workspace design firm Unispace, to boost its end-to-end workplace creation capabilities.
Unispace will take advantage of opportunities for expansion within PAG’s global property portfolio and relationships, including its investment in Cushman & Wakefield.
As part of the deal, which completed for an undisclosed sum, Unispace’s existing shareholders will sell 100% of the privately held company to PAG and leave their executive roles.
Other senior executives and management, including chief executive Steve Quick, will remain in their roles, with additional non-executive board members to be appointed by PAG.
Weijian Shan, chairman and chief executive of PAG, which manages $40bn AUM, said: “Our investment will facilitate Unispace’s plans for further global expansion and build on an already successful business.
“We believe our extensive experience in real estate and property management investments will bring tremendous value to support the growth of Unispace.”
Quick said: “Unispace is a growth-focused business, and PAG supports our strategy and will be a part of the continued and accelerated growth journey.
“Celebrating this investment on our 10-year anniversary really shows how far this business has come – and quickly. We believe PAG is the ideal partner for us as we enter the next phase of business maturity.
“This move will help us realise our growth potential through new markets, and by leveraging PAG’s extensive global networks.”
Lawrence Mohiuddine, EMEA managing director of Unispace, added that the acquisition will accelerate its growth in key markets as owners and occupiers tackle the pandemic’s impact on workplace design, commercial tenancies and real estate portfolios.
Unispace was founded in 2010 and employs 600 staff across 25 countries. Its clients include Deliveroo, PayPal, Boston Scientific, Biogen and Visa.
It has EMEA offices in Amsterdam, Barcelona, Berlin, Brussels, Dublin, Frankfurt, Geneva, Lisbon, London, Madrid, Milan, Paris, Rome and Zurich.
To send feedback, e-mail pui-guan.man@egi.co.uk or tweet @PuiGuanM or @estatesgazette
