GIC, Frasers Property and JustCo to develop co-working space platform
Singapore’s sovereign wealth fund GIC has teamed up with Frasers Property and JustCo to invest US$177m (€150m) to establish a co-working space platform throughout Asia.
The investment will enable JustCo, a Singapore-based operator, to build out its presence in Southeast Asia.
The capital injection will also fund its expansion into other Asian markets such as Greater China, Korea, Japan, Vietnam, Malaysia, the Philippines, Australia and India.
JustCo currently operates in Singapore, Indonesia and Thailand.
Lee Kok Sun, GIC Real Estate’s chief investment officer, said, as a long-term value investor, GIC is attracted by the sector’s growth potential in the long run and believe that the fragmented nature of the sector presents opportunities for consolidation.
“Our investment in JustCo will support it in its next phase of growth outside of Singapore, as it continues to engage with entrepreneurs and enterprises across Asia.”
Frasers Property’s group chief executive, Panote Sirivadhanabhakdi, said: “We view real estate as a service offering that goes beyond brick and mortar.
“Our partnership with GIC and JustCo exemplifies our belief that ‘experience matters’. “
Singapore listed Frasers Property is cross-border developer and manager of a diverse portfolio of properties, managing assets totalling SGD30bn (€19bn) in Singapore, Australia, Europe, China and Southeast Asia.