The Office Group (“TOG”) and Blackstone Real Estate Partners Europe V are pleased to announce that Blackstone has agreed to acquire a majority interest in TOG from Lloyd Dorfman CBE putting an enterprise value on TOG of approximately £500m.
Lloyd Dorfman, together with the co-founders Charlie Green and Olly Olsen, will remain shareholders in the group post-transaction and Charlie and Olly will continue in their existing roles as co-CEOs of TOG. The transaction is expected to close in June 2017.
TOG is a leading provider of design-led, flexible workspace and pioneered the concept in Britain. Today TOG has 36 buildings, mainly across central London, housing a fast growing and diverse client base of over 15,000 members. TOG clients currently include: AOL, Dropbox and Pinterest, as well as large corporates such as British Gas, and Santander.
Rothschild acted as sole financial adviser to TOG on the sale.
- TOG is a leading provider of design-led and flexible offices, meeting rooms and co-working spaces for start-ups, small businesses as well as larger, more established businesses.
- TOG allows members to work across multiple locations and enables companies to grow, downsize or exit a space quickly and cost effectively.
- TOG is focused on creating inspirational workplaces with a genuine sense of community, as highlighted by the inclusion of spaces such as libraries, screening rooms, cafes, gyms and roof gardens.
Source : Company