Iconic Offices seeks equity partner as it eyes expansion

Company forecasting increase of 7,000 workstations and 100 jobs in next five years

Iconic Offices chief executive Joe McGinley and chief financial officer Brian Kelly.

Iconic Offices chief executive Joe McGinley and chief financial officer Brian Kelly.

 

Dublin-based Iconic Offices has announced it is to raise equity as it goes about “ambitious” expansion plans into continental Europe.

The company said the new partner will allow it to deliver on a growth plan over the next five years that is designed to bring about expansion of 538,000 sq ft in office space.

The company is also forecasting an increase of 7,000 workstations and about 100 jobs over the next five years, with the “clear majority” of the jobs to be based in the Republic.

Iconic Offices chief financial officer Brian Kelly said the capital raise would give the firm “a strong platform” to continue its growth trajectory.

Iconic Offices has achieved annual growth more than 100 per cent year on year, since it was founded in 2013.

Last year, the firm doubled its Dublin headcount to more than 50 employees, aa well as increasing the total number of workstations to in excess of 2,000.

Further expansion will see the Iconic Offices portfolio grow by a minimum of 1,000 workstations over the next 12 months.

Iconic Offices chief executive Joe McGinley said the capital injection would “transform the business”.

Last month, the Victorians, located on Earlsfort Terrace, Dublin 2, was the first Iconic Offices building to open its doors in 2018.

It is estimated that 180,000 sq ft of business space was leased as flexible workspace in 2017 by operators in the Republic. This represents a near trebling of lettings by flexible workspace providers in the last 12 months.

Iconic Offices has chosen Deloitte Ireland to source its new capital partner.