South African billionaire eyes London serviced apartment market

George Sell George Sell Uploaded 28 May 2017

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UK: South African businessman Christo Wiese is planning a move into the London serviced apartment sector.

In a statement to the Johannesburg Stock Exchange, Wiese's Tradehold group said it was investigating the move into the serviced apartments market through its Moorgarth division, as well as acquiring properties in London for conversion to The Boutique Workplace Company (TBWC) branded serviced-office space.

The statement said: "TBWC has been able to capitalise on the uncertainty and volatility in the market as companies, unwilling to enter into long-term commitments, sought flexible solutions for their businesses, turning increasingly to serviced-office accommodation. In the light of this demand, Moorgarth is looking to expand its existing facilities in central London while also investigating the potential of serviced apartments in the same area. It is at present acquiring properties in the capital for the sole purpose of leasing these to TBWC for conversion to serviced-office space. At the same time the properties in Moorgarth's existing portfolio all still offer considerable potential for further value enhancement which are being actively pursued."

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