An uptick in demand for flexible working space has prompted Blackstone Inc to explore a sale of The Office Group, with the private investment firm having held informal talks with advisers over a potential £1.5bn sale of the business.
The report cites unnamed city sources as revealing that Blackstone has set its sights on a Q1 2025 deal with either a stock market listing or sale seen as possible options for the business.
Blackstone originally acquired a majority stake in The Office Group from Lloyd Dorfman in 2017 in a deal that valued the business at £500m, before merging the company with rival Fora, backed by Brockton Capital, in 2022 to create one of the largest players in the market with more than 3 million square feet of office space in the UK and Germany and a reported valuation of £1.5bn.
Despite the reports though, a spokesman for Blackstone told The Telegraph that: ““We have no plans to exit the business in the foreseeable future and we have not appointed any advisers.”
Read more: Private Equity Wire
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