UK Operator Mantle Expands to Nine Locations with Cambridge Office Acquisition
UK flexible workspace operator Mantle has expanded its presence in Cambridge through the acquisition of a 2,400 sqm office property located at the entrance to the Cambridge Airport estate. The purchase was completed in partnership with TR Property Investment Trust and increases Mantle’s network to nine locations.
According to Flex & and The City, the acquisition forms part of Mantle’s wider expansion strategy across the Oxford-Cambridge growth corridor and the South East of England.
Guy Baker, chief executive officer of Mantle, said: “We are currently exploring the introduction of additional equity to accelerate our growth ambitions and deliver strong, outperforming returns for our investors”.
The building was acquired from the BMW Pension Fund, with a transaction value of €7.7 million, reflecting an initial net yield of 10.75%.
George Gay, direct property fund manager at TR Property Investment Trust, said: “The building provides TR Property with secure income today, at the gateway to one of Cambridge’s most important regeneration areas, while also offering the opportunity to improve and reposition the space in future with an experienced local serviced office partner.”
Founded in 2007, Mantle operates flexible workspace centres across the South East of England. The company has built a strong presence outside London and now manages nine locations in total, including three centres in Cambridge, making it the largest flex operator in the city by footprint.
As previously reported, Mantle Space recently appointed Alexandra Livesey as its first managing director. Livesey reports to founder and chief executive officer Guy Baker and oversees day-to-day operations across the company’s network and a team of around 45 employees. She previously spent five years as chief operating officer at international workspace operator Clockwise and has more than 20 years of experience in hospitality and real estate services.
Pic Source: mantlespace.co.uk
