A joint venture between and Office Space in Town (OSiT) has been given a new 拢51.5m (鈧�67.6m) facility from Renshaw Bay and Deutsche Bank.
OSiT and Forum鈥檚 London Serviced Offices joint venture, launched in 2012, typically buys and refurbishes offices in London.
The companies said serviced offices offered attractive investments for institutions seeking to match their long-term liabilities over a typical 25-year period with a 鈥渟table, robust yield鈥�.
Giles Fuchs, co-founder and chief executive at Office Space in Town, said serviced offices were now 鈥渃learly being recognised by banks and financial institutions as a separate long-term asset class鈥�.
The companies said they were in advanced negotiations with 鈥渂lue-chip property and financial investors鈥� to raise the equity capacity of its 拢30m LSO II joint venture to 拢100m.
Further funds will be used to buy and refurbish additional buildings, primarily in London鈥檚 Zone 1.
OSiT and Forum formed London Serviced Office in 2012, launching the initial 拢36.5m LSO I joint venture.
The partnership then launched LSO II in August last year.
