Luxury workspace provider Office Space in Town (OSiT) has secured a £129m refinancing package. The new debt agreement includes approximately £72m in backing from leading asset manager Aberdeen.
OSiT operates 225,000 sq ft of flexible office space across the UK, featuring novelty themes such as Alice in Wonderland and Monopoly. The company claims this funding demonstrates growing interest from banks and investors in London's flexible workspace industry.
The new debt agreement is intended to allow OSiT to acquire new sites in the Square Mile and pursue its “omni-office” vision, which aims to offer facilities like padel courts, day nurseries, and dental practices at its locations. The group's London offices currently provide amenities such as podcast studios, hairdresser salons, and bedrooms.
Giles Fuchs, OSiT’s co-founder, stated that the financing package indicates a full return of City workers to the office post-pandemic. He noted that OSiT’s customers include investment funds, banks, insurance brokers, and other professions.
The refinancing, valued at £129m, covers a minimum two-year period and was advised by PwC. Aberdeen's £72m stake extends its seven-year partnership with OSiT.