CBRE Group, a US-listed real estate services company, has acquired a 35% stake in local co-working space provider Industrious.
CBRE paid about $200m in cash for primary and secondary shares in Industrious and said it would buy another 5% stake in the company in the next few weeks, lifting its stake to 40%.
It is also transferring its own flexible workspace brand, Hana, which operates 10 locations in the US and UK, to Industrious.
Bob Sulentic, CEO of CBRE, told newswire Bloomberg: “We are big believers in the flexible workspace arena and see a tremendous opportunity. We have a huge global occupier business and know that more than 80% of them want to be in multi-tenant offices with flex space.”
Sulentic and Emma Giamartino, CBRE’s global chief investment officer, are joining Industrious’ board, Bloomberg said.
CBRE’s investment in Industrious values the company at more than it was worth in 2019, when it raised $80m from real estate companies Brookfield Properties, TF Cornerstone and Granite Properties, luxury fitness chain Equinox and Canada Pension Plan Investment Board.
