Big news in the world of coworking coming out of Singapore earlier this week, with DealStreet Asia reporting that:
Singapore’s sovereign wealth fund GIC, coworking space provider JustCo, and listed real estate firm Frasers Property are jointly investing up to $177 million in Asia’s rapidly growing coworking space industry, the three firms said in a joint statement on Wednesday….
“The coworking movement embraces the flexibility of the sharing economy and is fast changing the way office space is designed, leased, used and operated. As a long-term value investor, we are attracted by the sector’s growth potential,” he said.
GIC’s investment in JustCo will support the latter in its next phase of growth outside of Singapore, as it continues to engage with entrepreneurs and enterprises across Asia, Lee added.
Frasers Property also expressed optimism on the potential of the region’s coworking sector as it looks forward to further advancing its partnership with GIC and JustCo in this space. “We view real estate as a service offering that goes beyond brick and mortar. The combination of thoughtful design, curated service offerings, and smart-office technology, can transform office buildings into inspiring, collaborative workspaces that enhance our workplace communities,” said Panote Sirivadhanabhakdi, group CEO of Frasers Property.
Kong Wan Sing, founder and CEO at JustCo, said the latest investment will help the startup “enhance and redefine the flexible workspace experience through multi-geographical footprints”.
Check out JustCo’s awesome spaces, along with a range of other Singapore spaces on 99spaces.co here.
Separately, Frasers Property announced on Wednesday that it had entered into a subscription agreement with JustGroup Holdings to subscribe for up to 13.2 per cent of the issued and paid-up capital in it.
What will be the next big coworking investment play?
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