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.