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Frasers Property, GIC, JustCo invest US$177m to develop co-working space platform across Asia

MAINBOARD-listed real estate firm Frasers Property, Singapore's sovereign wealth fund GIC, and co-working space provider JustCo are jointly investing US$177 million to develop a co-working space platform across Asia, the three companies said in a joint statement on Wednesday.  

JustCo has a presence in Singapore, Indonesia and Thailand; and this investment will enable JustCo to build on its presence in South-east Asia as it expands into other Asian markets including China, Japan and Australia, among others. 

The new injection of funds will also support JustCo's "continued focus on ramping up technology solutions, and enhance service offerings to facilitate collaboration and networking opportunities", the companies noted. 

Said Lee Kok Sun, chief investment officer of GIC Real Estate: "The co-working 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 in the long run, and believe that the fragmented nature of the sector presents opportunities for consolidation."

Panote Sirivadhanabhakdi, group CEO of Frasers Property noted that the partnership will leverage the international scale of GIC and Frasers Property to accelerate the expansion of JustCo's network, customers connection and technological services. 

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Added Mr Sirivadhanabhakdi: "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."

Separately, Frasers Property on Wednesday also announced that it has entered into a subscription agreement with JustGroup Holdings to subscribe for up to 13.2 per cent of the issued and paid up capital of JustGroup Holdings. 

The property firm has also entered into a joint venture (JV) agreement with a subsidiary of GIC and JustGroup Holdings to subscribe for ordinary and preference shares representing up to 15.3 per cent of the issued and paid-up share capital in a new joint venture company incorporated in Singapore. 

The aggregate investment for the JustGroup subscription and the JV subscription is up to US$60 million, and the above transactions are not expected to have any material impact on the group's consolidated net tangible assets per share, and earnings per share for the current financial year, Frasers Property said. 

The counter last traded down 0.5 per cent, or one Singapore cent to close at S$1.92 apiece on Tuesday. 

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