Varde Partners has entered an exclusivity period to acquire flexible workspace platform BizSpace Group along with its 6m sq ft property portfolio.
The platform was put up for sale in February through Savills and PwC in a process dubbed Project Spring, as revealed by Estates Gazette.
Varde is understood to be attracted by the firm’s management team and the prospects for growth in cost-effective and flexible rental space for SMEs.
In 2011 Varde took a majority position in Crest Nicholson after the house builder was caught by the recession.
Varde outbid Telereal Trillium and Regus with a circa £135m offer.
The deal includes 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.
Highcross paid £77.6m for BizSpace in 2006.
BizSpace was founded in 2000 by entrepreneur Larry Lipman when it was spun off from Safeland and floated on the AIM.
