Blackstone takes major slice of office space outfit

Flexible workspace provider The Office Group (TOG) has been valued at £500 million after investor Blackstone snapped up a controlling stake in the firm.

Blackstone, whose real estate arm has $102 billion (£80bn) of investor capital under management, has acquired a majority slice from Travelex founder Lloyd Dorfman. TOG has more than 15,000 members and offers start-ups, entrepreneurs and businesses flexible workplaces and meeting rooms from 36 buildings.

Co-founder and chief executive Olly Olsen said the deal would drive further expansion. He said: “Demand for flexible workspace continues to grow in the UK and globally.”