Warburg Pincus-backed Weave Co-Living has established a S$150m (€96m) joint venture with Singapore’s SLB Development to set up a co-living platform in the island state.
Through its SLB’s associated company, 32 Real Estate, (32RE) SLB and the Hong Kong-based Weave Co-Living will acquire, develop, refurbish and operate co-living and rental accommodation assets in Singapore under Weave or its affiliated brands.
Weave will be responsible for the day-to-day management of the joint venture assets and will own 80%. The remaining 20% will be held by a fund managed by the 32RE Group.
SLB CEO and executive director, Matthew Ong, said the partnership between 32RE and Weave tied in well with his company’s intention to deepen its focus on the co-living and accommodation segment.
“Apart from diversifying our income stream, the fund management business will provide SLB with access to like-minded partners and reputable, global investors,” Ong said.
Sachin Doshi, former APG head of private real estate, Asia-Pacific, founded Weaving Co-Living in 2017 to provide quality, modern, conveniently located, “design-led” living spaces in Hong Kong.
In November 2018, Warburg Pincus invested US$181m (€161m) of growth capital in Weave to expand its hassle-free city living offering across major gateway cities throughout Asia-Pacific. Warburg Pincus has an option to increase its investment in Weave to as much as US$413.5m.
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