Business

Frasers Property, GIC, JustCo investing S$237m in co-working platform

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 (S$237 million) to develop a co-working space platform across Asia, the three said in a joint statement yesterday.

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.

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".

Said Mr Lee Kok Sun, chief investment officer of GIC Real Estate: "As a long-term value investor, we are attracted by the sector's growth potential in the long run and believe the fragmented nature of the sector presents opportunities for consolidation."

Frasers Property's group chief executive Panote Sirivadhanabhakdi said the partnership will leverage the international scale of GIC and Frasers Property to accelerate the expansion of JustCo's network, customer connection and technological services. - THE STRAITS TIMES

BUSINESS & FINANCE