Reflex Managed Offices London
GKRE completes sale of Reflex Business Solutions to Clarendon Business Centres
GKRE is delighted to have acted for Reflex Business Solutions on its successful sale to Clarendon Business Centres of its entire Central London managed office portfolio.
Reflex operates out of 16 business centres in London W1 and WC1, comprising around 50,000 square feet and some 750 workstations. The centres are predominantly in self-contained refurbished period properties held on leases from high-profile landlords including Bedford Estates, Howard de Walden Estates, Prudential and Structadene Limited.
The deal will more than double Clarendon’s portfolio of centres and follows its acquisition of a 18,000 square foot property in Upper Berkeley Street last year. That deal, through GKRE’s Will Kinnear, marked its first venture into the West End market, it’s other 11 centres being mainly outside central London, including Oxford, Bournemouth, Bromley and Bracknell..
Robert Schogger, joint managing director of Reflex said: “We had been discussing our exit strategy with GKRE for some time and once we had met the Clarendon team realised our interests were aligned and that this was the right deal at the right time for both parties. We are grateful to Douglas at GKRE for his specialist experience and expertise in this market, which has enabled us to secure the sale on the terms we were looking for.”
Julian Cooper, managing director of Clarendon said: “Having used GKRE to break into the central London market, I am delighted to have been introduced to this opportunity by Douglas and Will. The Reflex portfolio is a strategic addition to our current operations. It gives us a major foothold in the prime central London market, a market we expect to continue to expand and in which we will be seeking more exciting opportunities.”
GKRE’s Douglas Green said: “When Robert approached us to discuss his exit strategy we understood his product and its appeal for the market. We used this knowledge to package up the business when market conditions were best suited and we are delighted to have met his expectations regarding the sale.”