The investment will help JustCo expand into eight other Asian countries.
GIC and Frasers Property partnered with JustCo, a leading coworking space provider in Singapore, to jointly invest $237.89m (US$177m) and facilitate the expansion of the co-working space platform across Asia.
According to a joint announcement, the investment will enable JustCo to build on its presence in Southeast Asia and expand into other Asian markets such as Greater China, Korea, Japan, Vietnam, Malaysia, the Philippines, Australia, and India. "The investment will also support JustCo’s continued focus on ramping up technology solutions and enhance service offerings to facilitate collaboration and networking opportunities amongst its growing base of community members," the firm said.
GIC Real Estate CIO Lee Kok Sun commented, "As a long-term value investor, we are 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 group CEO Panote Sirivadhanabhakdi said, "We look forward to advancing this partnership that will tap on the international scale of FPL and GIC, to accelerate the expansion of JustCo’s network, customers connection, technology platform and services to the next level.”
JustCo currently has a presence in Singapore, Indonesia, and Thailand, which offers spaces for entrepreneurs and enterprises of varying sizes.
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