GIC, Frasers Property and JustCo jointly invest US$177 million to develop co-working platform across Asia
GIC, Singapore’s sovereign wealth fund, and multi-national property company Frasers Property Limited (“Frasers Property”), are partnering with JustCo, a leading co-working space provider in Singapore, to develop a co-working space platform across Asia. JustCo currently has a presence in Singapore, Indonesia and Thailand, having brought together a community of entrepreneurs and enterprises of varying sizes. The three partners’ joint investment of US$177 million 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.
Lee Kok Sun, Chief Investment Officer, GIC Real Estate, said, “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. 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. Our partnership with JustCo and Frasers Property will enable us to capitalise on shared synergies and leverage one another’s strengths such as operational expertise, space from existing office portfolios, local market knowledge and networks.”
Panote Sirivadhanabhakdi, Group Chief Executive Officer of Frasers Property said, “This partnership with GIC to invest in JustCo exemplifies our unifying value that ‘experience matters’. To us, real estate is more than brick and mortar. It is the combination of thoughtful design, curated service offerings, respectful hospitality and smart-office technology that transforms an office building into inspiring, collaborative workspaces that enhance office experiences and build communities. We look forward to advancing this partnership that will tap Frasers Property’s global network and scale to grow JustCo into a multi-city, community-based service offering for customers.”
‘The confidence that GIC and Frasers Property have instilled in JustCo is a testament to our workplace technology and community management expertise, and we are extremely humbled to have found the right investors who share the same vision and purpose. This round of investment will help us enhance and redefine the flexible workspace experience through multi-geographical footprints,’ says Kong Wan Sing, Founder and CEO at JustCo.