Blackstone £500 million acquisition of The Office Group

Overview:

• Blackstone has acquired a majority stake in The Office Group (TOG) for £500 million from founder Lloyd Dorfman.
• TOG is a temporary workspace business providing office space for companies and individuals.
• It currently has a portfolio of 36 buildings, largely in central London. It has around 15,000 clients including AOL, British Gas and Santander.
• Blackstone has around £80 billion under management that is focused on real estate investment.
• Co-founders Charlie Green and Olly Olsen will retain their positions as chief executives following the sale.
• The deal follows Blackstone's sale of its warehouse and logistics business, Logicor, to China Investment Corporation (CIC) earlier in the month.

Sam Duke - Editor