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Media Centre

Daito Trust will invest a combined US$74 million in JustCo and in a new Japan joint venture

As featured on:

  1. Sohu
  2. Wang Yi

| Nov 2019 |

SINGAPORE, 28 November 2019 – Daito Trust Construction Co., Ltd (“Daito Trust”), a listed construction and real estate company in Japan will invest a US$50 million in JustCo Holdings Pte. Ltd. (“JustCo”).

In addition, Daito Trust will invest up to an additional JPY 2.65 billion (US$24 million) to form a new Japan joint venture with JustCo to build and operate flexible workspace business in Japan (the “Joint Venture”).

The Joint Venture, JustCo DK (Japan) Co., Ltd., will be 51% owned by Daito Trust and 49% owned by JustCo.

This Joint Venture will be an integral part of Daito Trust’s strategy to develop a comprehensive leasing and lifestyle business, whilst enabling JustCo to expand its network into Japan in response to the needs of JustCo’s regional members and to support its future growth. This strategic partnership will leverage JustCo’s leading capabilities in space planning, workplace technology and community management, combined with Daito Trust’s in-depth knowledge of the Japanese real estate market. The transaction is subject to the satisfaction of certain closing conditions.

JustCo on a sustained growth path

Since the US$177 million joint investment in JustCo from Singapore’s sovereign wealth fund GIC, and multi-national real estate company Frasers Property Limited in May 2018, JustCo has expanded its network from 14 co-working centres in two cities, to close to 40 centres across eight cities today.

Being one of the leading flexible workspace providers with a large multi-city presence in Asia Pacific, JustCo is enjoying buoyant demand for flexible workspace from existing members and a large number of new clients, ranging from start-ups to large enterprises including Fortune 500 companies. Such demand has enabled JustCo to enjoy strong occupancy rates throughout its centres, contributing to faster than expected revenue growth.

In line with JustCo’s vision to “Make Work Better” and further enhance member experience, JustCo’s key differentiation is its ability to deploy smart technologies in both physical and digital spaces to create an integrated flexible workspace solution to better serve its communities.

The additional US$74 million funding provided by Daito Trust to JustCo and the Joint Venture, combined with positive cash flow from JustCo’s mature centres and its cash reserves, will enable JustCo to continue to fund its growth plan and benefit from the ongoing consolidation in the flexible workspace market.

Entering Japan, another key market to JustCo’s network

Japan, as the second largest economy in Asia by GDP, is an important market for a large number of JustCo’s existing members. Demand for flexible workspace in key Japanese cities such as Tokyo is fast-growing. Expansion into Japan will further enhance JustCo’s network advantage to better serve the needs of its members. This extends JustCo’s presence in Asia Pacific to eight key markets, including Australia, China, Indonesia, Singapore, South Korea, Taiwan and Thailand, allowing JustCo to better respond to new demands for flexible workspace, further fueling its growth.

Positioning JustCo for success in Japan

Understanding each market’s local nuances is critical to JustCo’s success in the region. JustCo’s strategic partnership with Daito Trust is expected to catalyze JustCo’s market entry into Japan, and further enhance its localization capabilities to offer customized workspace solutions and curate relevant community programs for local members and their businesses. Similar to the other markets which JustCo is already present in, there will be a local team on the ground to manage the business.

JustCo and Daito Trust share a long-term commitment to develop a successful flexible workspace business in Japan. The investment in JustCo and establishment of the Joint Venture will enable Daito Trust to realize its strategy to expand beyond its traditional business of rental housing and become a comprehensive lifestyle support company.

Daito Trust is a leading construction and real estate company in Japan, offering an extensive range of services seamlessly from consulting sales of rental housing, design and construction, tenant recruitment to building management, with esteemed record of consistent growth in sales and profits for 11 consecutive years to achieve net sales in excess of JPY 1.5 trillion and net profit of JPY 90 billion for the fiscal year ended March 31, 2019. With a No.1 market position in Japan, Daito Trust will tap on its deep customer base, local market knowledge, local design and development capability and a strong local network of brokers to contribute meaningfully to the Joint Venture.

Mr. Katsuma Kobayashi, President and Representative Director (CEO), Daito Trust, said, “Our Group achieved accelerated growth as a company specialized in rental housing, and is now implementing the New Five-Year Plan from the fiscal year 2019. Under the slogan of ‘becoming a company that our stakeholders feel comfortable, entrusting their dreams and future to and that can generate sustainable growth’. Our Group aims to become a total lifestyle support company by strengthening comprehensive leasing and total lifestyle support service business operations, in addition to our efforts to bolster the core businesses (rental housing field) and expand market share. The flexible workspace business is one of the key elements in our comprehensive leasing business, and we believe the collaboration with JustCo marks a significant step forward.”

Mr. Kong Wan Sing, Founder and Chief Executive Officer, JustCo, said, “The investment from Daito Trust is testament to the long-term growth potential of the flexible workspace industry and JustCo’s sustainable growth and leadership in the region. The scale of the Japanese market opportunity will contribute significantly to the growth of JustCo. Japan is one of the key growth markets for us. We are confident of the strategic partnership with Daito Trust, given their long history in Japan, trusted reputation and local expertise. Our strong corporate governance and financial prudence will continue to serve as the backbone of our business as we expand our network. JustCo aims to cement its position as the leader in Asia Pacific, and has set a new target to operate more than 3 million square feet of co-working spaces by 2021.”

JustCo launches relief package to support more than 3,000 companies across the region

{:zh} | April 2020 | JustCo, one of Asia Pacific’s leading flexible workspace providers today announced a multi-million dollar relief package with rebates of between 15-30% on membership fees for May 2020, in a commitment to support its members in [...]...

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JustCo入驻仲益大厦,逐步扩张其在上海的共享办公中心网络

{:zh} As featured on: 中国传媒 网易 中国财经网 | Sep 2019 | 亚洲领先共享办公空间品牌JustCo进一步扩展上海业务,在仲益大厦新增了一个共享办公据点。该中心预计于2019年第四季度开业,这将是JustCo在上海的第三个也是最大的共享办公空间,包括两个楼层,占地3250平方米。 仲益大厦位于南京西路静安中央商务区的中心地带,JustCo将提供灵活的工作空间方案,以满足大型企业和跨国公司逐渐增多的需求。另外两个中心则位于长宁来福士广场和会德丰国际广场。 近年,越来越多企业摒弃传统办公室,转而选择灵活的共享工作空间,因此像JustCo这样的共享办公空间供应商大大颠覆了房地产行业。无论是小型还是大型企业都看中了像JustCo这样的共享工作空间,因为租赁具灵活性,企业可节省成本、参与社区和覆盖区域业务。在像JustCo这样的大型平台上,会员可以在共享工作文化中构建新的人脉并利用协作效应。 上图:崭新仲益大厦JustCo的接待区,位于静安中央商务区 JustCo会员可以参加独家策划的社交活动、发掘合作机会和专享Hubspot、丽思卡尔顿酒店和上海JW万豪酒店等战略合作伙伴的优惠。会员还可通过JustCo应用程序立即连接到不断壮大、充满活力的个人和企业社区,从而实现跨地区业务匹配和联结。 JustCo在仲益大厦的办公区采现代化设计,激发工作热情和灵感,另设有配备游戏机的游戏区以及阅读区,以倡导在工作与生活间取得平衡。此外,还有多个电话亭以提高办公场所的生产力,以及宽敞的活动空间和休息区可迎合各种生活方式和专业活动。会员还可以在悠闲的环境中使用精心设计的个人工作室、办工桌区域、在餐饮间享用免费咖啡与茶,以及在协作空间进行会议和讨论。 为了推动JustCo在亚太地区的快速增长,新加坡的主权财富基金--新加坡政府投资公司(GIC)和跨国房地产公司--星狮地产投资了1.77亿美元,这对JustCo巩固市场地位和增强其技术解决方案起到了至关重要的作用。 根据高力(Colliers)的报告,上海在2018年1的灵活工作空间领域的增长率最高,超过40%。在过去的几年里,共享办公空间已经从几个大型场地扩展到中国主要城市的670个网点2。 JustCo创始人兼首席执行官龚万鑫表示:“上海是一个竞争激烈的市场,在共享办公领域具有巨大的潜力。作为唯一一家在亚太地区多个城市拥有共享办公空间的供应商,我们坚信我们的本地化战略、亚洲式服务、办公中心质量和良好的业绩记录将使我们在上海站稳脚跟。为了建设‘工作空间的未来’,JustCo还将试用智能数字工作空间,以提升会员的体验。我们正在创建一个大型综合平台,以构建一个密集的网络,帮助我们的会员及其业务取得成功。” 截至目前,JustCo在亚洲八个主要城市拥有近40个中心,包括新加坡、曼谷、上海、雅加达、首尔、悉尼、墨尔本和台北。 {:}{:en} As featured on: Business Insider Yahoo AsiaOne | Sep 2019 | JustCo, Asia’s leading flexible coworking space provider, [...]...

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