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Temasek-backed Tikehau Capital sells stake in SG’s co-working firm JustCo

by admin
February 13, 2020
in Working in Thailand
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Tikehau Capital has sold its stake
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French various funding supervisor Tikehau Capital has bought its stake in Singaporean co-working area operator JustCo to a bunch of traders, attaining a internet revenue of S$ 27.7 million ($20.5 million), in keeping with a press release.

Tikehau Capital had made an funding of S$four million ($2.9 million) within the co-working area operator.

The names of the traders haven’t been disclosed. Nevertheless, SGX-listed Frasers Property, in a separate submitting on Wednesday night time mentioned, it has purchased further shares in JustCo Holdings for $12.four million by way of its wholly-owned subsidiary.

The acquisition elevated Frasers Property’s stake within the co-working area operator to 22.2 per cent.

Based in 2011, Singapore-headquartered JustCo is one in every of Asia’s main premium versatile workspace suppliers. It has a presence within the Asia Pacific together with Singapore, Australia, China, Indonesia, Japan, South Korea, Taiwan and Thailand. JustCo operates about 40 centres throughout the APAC area.

In November 2019, JustCo raised $74 million from Japan-listed building and actual property firm Daito Belief.

Daito Belief invested $50 million in JustCo and a further 2.65 billion yen ($24 million) to arrange a three way partnership to function a versatile workspace enterprise in Japan. The JV is 51 per cent owned by Daito Belief and 49 per cent by JustCo.

In 2018, the co-working area operator secured $177 million from Singapore’s sovereign wealth fund GIC, and multi-national actual property firm Frasers Property Restricted.

Tikehau Capital has a complete of €24.three billion ($26.9 billion) of property underneath administration (as at 30 September 2019).

We earlier reported that the funding agency achieved a primary shut at $100 million for its debut fund-of-funds in Asia, in keeping with a report by Non-public Fairness Worldwide (PEI). The agency deliberate to lift $150 million and shut fundraising for the automobile by mid 2020.

Tikehau opened its new Asia workplace in Tokyo in final November. Previous to the Japan presence, it had established its presence in Singapore and South Korea.

The agency has partnered with Singapore-listed actual property firm Metropolis Developments Restricted (CDL) in IREIT World, a Europe-focused actual property funding belief.

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