MWB Business Exchange, the UK’s second largest serviced offices group, has bought Stanhope Business Centres for £11.6m.
Stanhope operates two office buildings in London’s Covent Garden with a combined space of 43,500 sq ft. The buildings are in Chandos Place and Floral Street and are held on long occupational leases expiring 2019 and 2021 respectively, and currently generate annual revenues of £4.7m and an annualised EBITDA of £1.7m.
The deal reflects MWB’s strategy to expand within prime areas of Central London. Since it floated on AIM in December 2005, it has opened or is in the process of opening 11 centres in London where there is 'proven demand' for its services.