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flexible office operator table space has raised nearly $300 million from Hill House CapitalA global private equity fund, to expand its operations.
The investment is expected to be funded in two tranches.
“Tablespace has recently signed on a few large clients and is looking for funding to grow its business,” said multiple people familiar with the transaction. The fresh funding will help them expand at a rapid pace “
Tablespace is one of the fastest growing managed workspace providers for enterprises in India and plans to expand from the current five million square feet to eight million square feet by December 2023.
Tablespace did not comment on the deal. Sources say that the deal was finalized in October.
“Corporates are increasingly viewing offices as both capital-driven spend and value-driven operating spend. The events of the past two years have accelerated the journey for enterprises, and many flex operators have emerged to support them in this transition. aggressively expanded to,” said one of the people cited above.
EY was the advisor to the transaction. A questionnaire mailed to the firm went unanswered.
Table Space has leased out over 1.2 million sq ft of Grade-A commercial in space in recent months in projects such as 1 Shobha BangaloreGigaplex in Navi Mumbai, DLF Cyber City Building 10 in Gurugram, BPTP Capital City in Noida and Panchsheel Business Park in Pune.
Currently, Tablespace operates and manages over 5 million square feet, which can seat 45,000 to 50,000 people.
Company operates in cities like Delhi-NCRBangalore, HyderabadMumbai, Pune, and Chennai and caters to top corporations such as AMD, Fujitsu, and Microsoft among others.
Hill House Capital is an investment fund specializing in private equity and venture capital investments. The firm focuses on buyouts and growth investments in the Asia region, as well as select investments in North America and Europe.
As of July 2021, Hill House had assets under management of $73.3 billion, making it one of the largest private equity funds in Asia. It has just completed raising money for its fifth flagship private equity fund.
Post-Covid, with the new hybrid model of working becoming more and more popular among mid to large sized enterprises, the demand for outsourced offices has increased significantly over the last two years, and continues to grow.
The share of the co-working sector in total transactions increased from 6% in Q3 2021 to 23% in Q3 2022, recording the maximum growth among all sectors.
The sector continued to receive support during this period and the volume of transactions done by the sector increased by almost five times. According to Knight Frank, co-working was particularly active in Bengaluru, as the city accounted for 52% of the total space taken up by the sector.
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