We first started talking to KSL over two years ago, so this was not a rushed partnership CEO, Third Space
Now’s the time to capitalise on the availability of new sites, says Waggett
photo: third space
How long has it taken you to get the KSL deal over the line and what’s the thinking behind it? The deal gives us a partner with deep leisure experience – and funding. Taken together this means we can be bold in our strategy and our ambition. Going into the pandemic we were self-financing our growth and had a very good set of opportunities, however, the pandemic ate up a lot of our cash reserves while the quality and quantity of new site opportunities improved. We want to take advantage of these. The new opportunities have mainly come from the huge amount of space that’s being repurposed from big box retail, added to the fact that landlords who are undertaking major redevelopment projects recognise that for both residential and office developments, fitness is the new anchor tenant and if it’s a premium development, then Third Space is top of their list. Now’s the time to capitalise on this opportunity, hence the reason for seeking out additional funding. KSL saw the situation just as we did, hence our ability to get this done now.
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