W1M explores sale amid private equity interest
W1M, the flexible office provider that was spun off from WeWork in 2022, is exploring a sale as private equity firms including Lone Star Funds and Blackstone consider bids, according to people familiar with the matter. The company, which operates 11 sites in London and one in Manchester, has hired advisers to run an auction process.
Potential suitors and valuation
Lone Star and Blackstone are among the firms that have expressed interest, though no formal offers have been made. W1M is expected to fetch a valuation of around £200 million, according to one source. The company was created when WeWork sold its UK business to a group of investors led by real estate investor David Hingorani.
Market context and impact
The potential sale comes as the flexible office sector recovers from the pandemic, with demand for space rising as companies embrace hybrid working. W1M's portfolio includes locations in London's West End and the City, as well as Manchester. A sale would mark the latest consolidation in the sector, which has seen deals such as IWG's acquisition of Regus.
