‘Alice in Wonderland’ workspace firm lands £129m Aberdeen-backed finance

Luxury workspace provider Office Space in Town (OSiT) has secured a £129 million refinancing package with significant backing from Aberdeen Asset Management. The funding includes approximately £72 million from the leading asset manager, as reported by City AM. OSiT operates office spaces in the UK, featuring unique themes like Alice in Wonderland and Monopoly.

These spaces include a location in Waterloo inspired by a superyacht and another in Monument designed for insurance professionals. The company, which owns the leasehold rights to all its buildings, claims this financing signifies the growing interest from banks and investors in London's flexible workspace industry. With the new debt agreement, OSiT aims to expand into new locations in the Square Mile and pursue its "omni-office" vision, incorporating facilities such as padel courts, day nurseries, and dental practices.

The firm's London offices already offer amenities like podcast studios, hairdresser salons, and bedrooms, which are often booked by out-of-town businesspeople seeking convenience over hotels. OSiT co-founder Giles Fuchs attributes the financing package to the return of city workers to the office post-COVID-19 pandemic, asserting that entrepreneurial businesses insist on their staff working in-person.

Fuchs highlighted that OSiT's customers comprise investment funds, banks, insurance brokers, and even unconventional professions like audiology. The company's advantage over competitors like WeWork and Regus lies in its ownership of the buildings, allowing OSiT to customize and manage the properties efficiently. Aberdeen's £72 million investment in the refinancing extends the asset manager's seven-year partnership with OSiT, with Martin Barnewell, head of commercial real estate at Aberdeen, praising the company's resilience and optimistic outlook for its future growth.