In This Article:
MIAMI, Nov. 27, 2024 (GLOBE NEWSWIRE) -- GBT Technologies, Inc. (“GBT”) has entered into non-binding agreements to acquire real estate interests in Nexus Workspace properties and to acquire a related Nexus Workspace intellectual property portfolio. As part of this strategic transaction, entities owned directly or indirectly by CGI Fund I, LP (“CGI”) will be selling their interests in Nexus Workspace properties to GBT through a phased acquisition process.
Under the agreements, GBT, through its wholly owned subsidiary to be incorporated, Nexus Workspace Holdings, Inc. (“NH”), will acquire Nexus Workspace’s Florida-based properties, including flagship locations in Wellington, West Palm Beach, Stuart, Boynton Beach, and Boca Raton. Nexus Workspace provides modern, flexible office solutions, serving over 800 members with offerings such as private offices, shared workspaces, virtual offices, and conference rooms. Amenities include 24/7 access, high-speed internet, and fitness centers, positioning Nexus as a leader in adaptable workspace solutions.
“These agreements mark a new chapter for the Nexus brand,” said Raoul Thomas, CEO of CGI Merchant Group. “By aligning with GBT Technologies, we are not only ensuring the continued growth of Nexus but also unlocking the potential to redefine workspaces with innovative strategies. This expected sale underscores our commitment to delivering value to all stakeholders and fostering long-term success.”
The agreements contemplate a phased transaction structure, starting with GBT acquiring 49% ownership of Nexus properties in Wellington, West Palm Beach, and Stuart, followed by full ownership across the portfolio. Plans are also underway to spin off Nexus Workspace Holdings into an independent public entity, enabling GBT shareholders to benefit directly from its success. The parties are working expeditiously to complete binding agreements prior to year-end.
“Nexus Workspace represents an incredible opportunity for growth, innovation, and operational excellence,” said Mansour Khatib, CEO of GBT Technologies. “This expected acquisition and planned spin-off allow us to integrate income-producing assets into a public company while leveraging Nexus’s market presence and strategic locations to adapt to the evolving workplace environment.”
Transaction Advisor - The Transaction Advisor in the creation of the group structure, and investment banking services was Wertheim & Company LLC, which has recently commenced operations under the brand name of its Predecessor Entity.
About GBT Technologies, Inc.