Singapore's Tiga Investments, KKR to acquire co-working office operator The Executive Centre

Published Tue, Jun 1, 2021 · 02:55 PM

SINGAPORE-based Tiga Investments has joined with private equity firm KKR to acquire a co-working office operator, The Executive Centre (TEC). The price was not disclosed.

TEC is headquartered in Hong Kong. It is an office space provider operating in 14 markets, including Greater China, Japan, South Korea, Southeast Asia, Australia, India, Sri Lanka, and the Middle East. Some of its offers include private serviced offices, coworking spaces and virtual offices equipped with meeting rooms and IT support.

In Singapore, TEC's portfolio comprises units at Frasers Tower, Marina Bay Financial Tower 1, Ocean Financial Centre, One Raffles Quay, Six Battery Road, and The Gateway West.

As part of the transaction, funds advised by HPEF Capital Partners and CVC Capital Partners will exit their investments in TEC. Meanwhile, members of TEC's management team will continue to own shares in the company, the companies said in a release on Tuesday.

SJ Lim, a managing director at KKR, said: "As we look ahead to the market's evolving needs, flexibility will be key in companies' future workplace strategies. We believe The Executive Centre is well placed to capture new growth opportunities and build on its longstanding leadership position in Asia's premium workspace segment."

G Raymond Zage III, founder of Tiga, said: "As the future of work increasingly shifts towards a hybrid model, we look forward to partnering with Paul (founder and chief executive officer of TEC) and his team and helping to elevate the company to its next phase of growth for the benefit of businesses, tenants and landlords across the region."