SG-based workspace provider JustCo bags $74m from Japanese developer

JustCo at Minsheng Jianguo, Taiwan.

Singapore-based co-working space operator JustCo has raised $74 million from Japan-listed construction and real estate company Daito Trust, according to a statement.

Daito Trust will invest $50 million in JustCo and an additional 2.65 billion yen ($24 million) to set up a joint venture to operate a flexible workspace business in Japan. The JV will be 51 per cent owned by Daito Trust and 49 per cent by JustCo.

The planned expansion to Japan will extend JustCo’s presence in the Asia Pacific to eight key markets, including Australia, China, Indonesia, Singapore, South Korea, Taiwan and Thailand, the company 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,” said JustCo founder and CEO Kong Wan Sing.

The Singaporean firm aims to operate over 3 million square feet of spaces by 2021.

In May 2018, JustCo had secured $177 million from Singapore’s sovereign wealth fund GIC, and multi-national real estate company Frasers Property Limited. Since then, the co-working space operator has expanded its network from 14 co-working centres in two cities to close to 40 centres in eight cities.

Founded in 1973 and headquartered in Tokyo, Daito Trust is a construction and real estate company that now aims to become a lifestyle services provider by strengthening comprehensive leasing and total lifestyle support service business operations.

“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,” said Katsuma Kobayashi, president and representative director (CEO) of Daito Trust.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.