Two subsidiaries of real estate developer Frasers Property has paid $12.4m to increase its stake in Singapore-based workspace provider JustCo Holdings to 22.2%, Business Times reported today, citing a securities filing.
The investment was made through a secondary deal. Asset management group Tikehau Capital had disclosed yesterday that its Salvepar subsidiary had sold $20.5m of JustCo shares, making a profit of almost 600%.
JustCo is the operator of a 40-strong network of co-working spaces across the Asia-Pacific region, and also offers business and networking services for its clients.
The size of Frasers’ stake does not take into account the $50m in equity funding property developer Daito Trust Construction agreed to provide for the company in November 2019.
Frasers and Singaporean state-owned fund GIC invested $177m in JustCo in mid-2018, following $12m in series B funding supplied by another real estate developer, Sansiri, through subsidiary Sansiri Global Investment the previous year.
