Property developer Daito Trust Construction agreed today to make a $50m equity investment in Singapore-based co-working space provider JustCo Holdings and will put $24m into a joint venture.
JustCo provides what it refers to as a premium co-working service, also arranging networking events and strategic partnerships for its customers, which range from small startups to large organisations.
The business spans 40 co-working hubs across eight cities, and it operates as a sister company to serviced office provider JustOffice, with both overseen by an entity called JustGroup.
Daito Trust will own 51% of the joint venture, dubbed JustCo DK (Japan), while JustCo will hold the remaining 49%. It will enable the latter to bring its workspace model to Daito Trust’s home country of Japan.
The round comes after another real estate developer, Frasers Property, joined Singaporean sovereign wealth fund GIC to invest $177m in JustCo in May 2018.
JustCo had already received $12m in series B funding from Sansiri Global Investment, property developer Sansiri’s corporate venturing arm, in late 2017 at a $200m valuation.
Daito Trust’s president and CEO, Katsuma Kobayashi, said: “Our Group aims to become a total lifestyle support company by strengthening comprehensive leasing and total lifestyle support service business operations, in addition to our efforts to bolster the core businesses (rental housing field) and expand market share.
“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.”
Photo courtesy of JustCo.
