Targetspace portfolio sold

Flexible workspace agency GKRE has completed the sale of the Targetspace portfolio of three business centres to Artesian Property Partnership, who were represented by Jerram Property Consultants.

The Targetspace business centres, in Proctor Street WC1, New Broad Street EC2 and Aldgate EC3 amount to just over 40,000 sq ft and are valuable additions to Artesian’s planned portfolio following its recent return to the sector.
Steve Finnegan, CEO of GKRE’s client Targetspace commented:

“Having acquired the company in 2012 and negotiated three key new sites, we are delighted to have rebuilt the business back to this point and successfully completed a disposal. We were pleased to work with GKRE who guided us through the process from start to finish.”

Mark Breen, CEO of Artesian commented:

“We are delighted with the acquisition of Targetspace. We were early developers of serviced offices with Argyll Business Centres. We have kept an interest in this sector which has witnessed steady growth driven by increased demand . This is a great opportunity for us to further our interests in this part of the market.”

Douglas Green of GKRE said:

“The Targetspace acquisition comes at a time of intense activity in the sector. Business centres are an increasingly important part of the commercial market and are a more and more attractive investment proposition as the dynamics of the office market change. 2015 saw a number of mergers and acquisitions in the sector, many of which we led on or were involved in, and we expect similar market activity this year.”

The deal is the third successful portfolio sale by GKRE in as many months following the disposals of the 22-centre Ventia and the 16-centre Reflex Business Centre portfolios at the end of last year. GKRE is a specialist flexible workspace agency in the UK and was recently confirmed as one of London’s leading agents in the Estates Gazette’s annual league table for 2015. The agency, led by duo Douglas Green and Will Kinnear, was shortlisted for awards by both the Estates Gazette and Property Week last year.