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Ashquay Gambles On Serviced Office Sector

LONDON-Ashquay is shrugging off uncertainty about the service office sector to buy Stonemartin Corporate Centres which plans to set up a chain of serviced offices across the UK under the Institute of Directors brand.

By Graham Parker | Updated on July 17, 2001

LONDON-Despite jitters about the serviced office sector following the profit warning from Regus, Ashquay is transforming itself into a serviced office operator by selling off its existing property portfolio and buying Stonemartin Corporate Centres.

To finance the deal, it is effectively forming a consortium of other property companies which will take a stake in the new venture. Hammerson is Paying £4 million ($5.64 million) for a 14% stake and Warner Estates, which had an existing shareholding in Ashquay, is paying an additional £0.8 million ($1.1 million) to take a 10.6% stake.

Stonemartin will operate a chain of high quality serviced offices across the UK operating under the Institute of Directors’ brand name to be known as IoD Corporate Centres. Each centre is owned by a separate limited partnership, with Stonemartin taking responsibility for day-to-day operations in return for a proportion of the revenue.

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