Thai listed property developer Sansiri Pcl today announced an investment of $80 million across six global technology and lifestyle companies as part of a bid to expand beyond real estate development and into the global market.
Of this, Sansiri will invest about $58 million in US-based boutique hotel chain Standard International and its mobile booking application, One Night. The Thai firm will hold a 35 per cent stake in the hospitality firm.
The remaining include a $3.1-million stake in Tyler Brûlé’s lifestyle magazine Monocle; $6.6 million in London’s Airbnb management firm Hostmaker; $12 million in Southeast Asia’s co-working space JustCo; and $300,000 in a smart indoor farm technology firm Farmshelf, according to a Financial Times report.
Srettha Thavisin, president of Sansiri Pcl, said that the company’s investments will focus on three key activities, which include strategic investment in global lifestyle brands; developing property technologies in partnership with industry disruptors; and enhancing influence and audience through premium lifestyle media.
“Our next chapter centres on anticipating and meeting evolving consumer needs by creating a world-class modern living platform. This involves taking Sansiri to the next level as a global brand, ensuring we are at the forefront of tech and innovation, transforming ourselves for the future, and creating a synergistic environment for our business to grow,” he said in the statement.
Kang Wan Sing, Founder and CEO of JustCo, said that the partnership with Sansiri will support JustCo to launch four co-working spaces in Bangkok. “We expect to have 20 co-working spaces across Asia-Pacific by 2018, giving Sansiri access to our 12,000 members,” he added.