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Frasers Property completes subscription, JV deals for JustCo expansion

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Frasers Property completes subscription, JV deals for JustCo expansion

Frasers Property Ltd., through its two subsidiaries, completed its joint venture and subscription agreements with Singaporean wealth fund GIC Pvt. Ltd. and co-working space provider JustGroup Holdings Pte. Ltd.

Under the deals, Frasers Property Ventures I Pte. Ltd. and Frasers Property Ventures II Pte. Ltd., along with a GIC unit invested a total of US$177 million into JustGroup to support its overseas expansion, as it targets to open 100 centers across Asia by 2020-end. The parties have a set up a joint venture company, JustCo Holdings Pte. Ltd., for the transaction.

Following completion of the deal, the diversified real estate developer holds a 13.2% stake in JustGroup and a 15.3% interest in the joint venture.