Issue date: 16 March 2005

Contact:
David Joseph/Ian Read, citib@se 020 7808 7444
Alex Kane, Spada 020 7269 1430

citib@se on the acquisition trail and takes on Central House

citib@se plc, the serviced office operator, has completed the acquisition of Central House, a serviced office centre in Finchley, North London. The deal forms part of an arrangement with a Close Brothers investment vehicle, Business Centre Properties plc “BCP” who acquired the freehold for £4.2m.Central House comprises 20,000 sq ft of office space along with a number of retail units.

The centre, close to Finchley Central underground station is home to around 40 businesses. As part of the deal, BCP will retain the freehold investment, while citib@se acquires the serviced office operation and has entered into a turnover lease with BCP.

David Joseph, a director of citib@se, said: “The acquisition of Central House represents another step in the expansion of our nationwide network of business centres. We are constantly looking for existing business centres to acquire, whether freehold, leasehold or management contracts and we have a significant appetite for growth.”

He continued: “In line with our previous acquisitions, citib@se plans many improvements for Central House, which will boost the quality and range of services on offer to clients. Central House is only the first step on the Close Brothers-citib@se acquisition trail. It is an exciting time for citib@se: the organisation is poised for growth.”