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

French alternative investment manager Tikehau Capital has sold its stake in Singaporean co-working space operator JustCo to a group of investors, achieving a net profit of S$ 27.7 million ($20.5 million), according to a statement.

Tikehau Capital had made an investment of S$4 million ($2.9 million) in the co-working space operator.

The names of the investors have not been disclosed. However, SGX-listed Frasers Property, in a separate filing on Wednesday night said, it has bought additional shares in JustCo Holdings for $12.4 million through its wholly-owned subsidiary.

The acquisition increased Frasers Property’s stake in the co-working space operator to 22.2 per cent.

Founded in 2011, Singapore-headquartered JustCo is one of Asia’s leading premium flexible workspace providers. It has a presence in the Asia Pacific including Singapore, Australia, China, Indonesia, Japan, South Korea, Taiwan and Thailand. JustCo operates about 40 centres across the APAC region.

In November 2019, JustCo raised $74 million from Japan-listed construction and real estate company Daito Trust.

Daito Trust invested $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 is 51 per cent owned by Daito Trust and 49 per cent by JustCo.

In 2018, the co-working space operator secured $177 million from Singapore’s sovereign wealth fund GIC, and multi-national real estate company Frasers Property Limited.

Tikehau Capital has a total of €24.3 billion ($26.9 billion) of assets under management (as at 30 September 2019).

We earlier reported that the investment firm achieved a first close at $100 million for its debut fund-of-funds in Asia, according to a report by Private Equity International (PEI). The firm planned to raise $150 million and close fundraising for the vehicle by mid 2020.

Tikehau opened its new Asia office in Tokyo in last November. Prior to the Japan presence, it had established its presence in Singapore and South Korea.

The firm has partnered with Singapore-listed real estate company City Developments Limited (CDL) in IREIT Global, a Europe-focused real estate investment trust.

 

Singapore Reporter/s

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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. 
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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.