IoD launches £500m office venture

The Institute of Directors, the business lobby group, is to launch IoD-branded serviced office space across the country, aimed at small and medium-sized companies.

The £500m venture is backed by MEPC, the property company, and Interior Services Group (ISG), a facilities management firm. The joint company is called Stonemartin Corporate Centres, and the offices - branded IoD Corporate Centres - will be rolled out in 22 cities over the next five years, with up to 100,000 sq ft of space each. Some of the property will be provided by MEPC.

Andrew Main Wilson, managing director of IoD Enterprises, said: "[The centres] will support small and medium-sized companies who want flexible property solutions linked to comprehensive business support."

The IoD will offer office space, mainly for short-term let, on flexible leases. There will also be conference facilities and meeting rooms for institute members.

A spokesman for the institute said the centres would offer "mini Pall Malls" across the country, referring to the IoD's London headquarters. The initiative would serve existing members and also seek to put the IoD brand in front of potential new recruits, he said.

He added the IoD would not be putting any money into the venture, in which it has a 2 per cent stake, and will not receive any income from it. ISG owns 44 per cent of the venture, while MEPC has 44 per cent. The management of Stonemartin holds the remainder.