Private equity firm PAG is to acquire global workspace specialist Unispace.
Private equity firm PAG is to acquire global workspace specialist Unispace.
The investment will accelerate Unispace’s growth trajectory for its second decade in market as it sets the global standard for the future of workplace strategy, design and construction. As we move to a post-pandemic landscape, the focus has never been greater on the role of the office, its design and accompanying technology.
Under the agreement, the current shareholders of Unispace will sell 100 per cent of the privately held company to PAG and depart their executive roles. Other senior executives and management, including the recently appointed chief executive officer, Steve Quick, will remain in their current roles, with additional non-executive board members to be appointed by PAG.
“Unispace is a growth-focused business, and PAG supports our strategy and will be a part of the continued and accelerated growth journey,” says Unispace CEO Steve Quick.
“Celebrating this investment on our 10-year anniversary really shows how far this business has come – and quickly. We believe PAG is the ideal partner for us as we enter the next phase of business maturity. This move will help us realise our growth potential through new markets, and by leveraging PAG’s extensive global networks,” adds Quick.
Unispace is primed for expansion into new markets globally in line with the company’s growth trajectory. PAG’s extensive global property portfolio and relationships, including its investment in Cushman & Wakefield, will support Unispace’s ambitious international expansion plans.
PAG Chairman and CEO, Weijian Shan, comments, “We are pleased to be partnering with Unispace and we’ve been impressed with their ability to establish a leading end-to-end workplace creation firm with a unique global footprint. Our investment will facilitate Unispace’s plans for further global expansion and build on an already successful business. We believe our extensive experience in real estate and property management investments will bring tremendous value to support the growth of Unispace.”
Today, PAG manages USD40 billion in assets for more than 150 institutional investors from around the world and has invested USD65 billion-plus since its founding.
EMEA Managing Director of Unispace, Lawrence Mohiuddine, predicts that the acquisition will accelerate growth in key markets as owners and occupiers worldwide continue to grapple with the short and longer-term impacts of COVID-19 on workplace design, commercial tenancies and real estate portfolios.
“We have grown exponentially since we launched amid the global financial crisis 10 years ago. Our end-to-end methodology and geographical coverage have allowed us to cross-borders, globally, with consistency on behalf of an ever-growing list of impressive clients. With PAG’s experience, sector expertise and global outlook we see new and expanded markets providing our clients with ever greater coverage when assessing the needs of their global real estate,” says Mohiuddine.
Since its inception in 2010, Unispace has been revolutionising the workplace with an integrated approach to office strategy, design and construction, growing the business to a global enterprise with over 600 employees and 46 locations in 25 countries. It attracts a blue-chip client list such as Deliveroo, PayPal, Boston Scientific, Biogen and Visa, all of whom are looking for workplace solutions that will transform their business results.
Mohiuddine concludes: “Together we are poised to continue driving change and redefining the role of the workplace in a post-pandemic world.”
Unispace currently has EMEA offices in; Amsterdam, Barcelona, Berlin, Brussels, Dublin, Frankfurt, Geneva, Lisbon, London, Madrid, Milan, Paris, Rome and Zurich, with ambitions to expand further.
