Two years after it was put on the market for a huge £700 million, London Executive Offices (LEO) has finally been sold, to Celvam Management — founder of international telecoms company Lebara. The firm has not released details of the sale, but a report by Sky News has indicated that the deal was completed for £475 million — considerably less than the asking price.
LEO has an impressive list of assets — 38 buildings, including 11 owned properties and more than 760,000 sq ft of workspace — located across central London, as well as an impressive variety of over 5,000 clients, from start-ups and small businesses through to larger corporate firms. Celvam Management has taken on the whole LEO business, including its 260 team members.
Chief executive of LEO, Jason Leek, says: “This is the beginning of a new and extremely exciting era for LEO and its clients. As demand for flexible workspace continues to grow in the UK, LEO has gone from strength to strength. LEO has done this by responding to the needs of modern occupiers, focusing on the quality of our locations and excellent customer service… With a supportive new owner, LEO will remain a strong and independent business committed to investing in our people and continuing to develop fantastic working environments for our clients. This change of ownership has secured a strong future for the LEO business.”
This news was brought to you by Morgan Pryce, a specialist tenant acquisition agent with offices in Oxford Circus and the City. Morgan Pryce specialises in search, negotiation and project management and works exclusively for tenants.
