Giles Fuchs, CEO of Office Space in Town, discusses what the sale of LEO means for valuation of Serviced Offices in Property Week
After more than two years on the market, serviced office provider London Executive Offices (LEO) was sold to Celvam Management last week for around £475m – almost a third less than the £700m it was reported to have been up for sale for in 2016.
The news raises questions for valuation in the serviced office market - why did it take so long to sell, and what does the sale price tell us about the wider serviced office sector?
Giles Fuchs, CEO of Office Space in Town, is quoted in Property Week, as he shares his thoughts on the story - He says “I think if it had been advertised at [last week’s] sale price two years ago, it would have sold sooner or even gone for a bit more, but because it got a bit tired on the market, it was the biggest potential deal that never happened.”
Read the full article here