CapitaLand-backed The Work Project acquires co-working platform of Collective Works
By Timothy Tay
/ EdgeProp |
Two days after CapitaLand announced it had acquired a 50% stake in co-working operator The Work Project for $27 million, the two partners have acquired the co-working platform of local operator Collective Spaces. The Work Project had earlier announced that it intends to add 500,000 sq ft of flexible spaces to its portfolio by 2021.
Collective Works entered into a joint venture with CapitaLand to open a 22,000 sq ft co-working space at Capital Tower six years ago. Collective Works also manages five floors of flexible work space at The Globe on Cecil Street. “It makes sense for (Collective Works’) co-working platform to be incorporated into CapitaLand’s vision, as it will provide future growth pipeline and an enhanced network and platform of amenities for our members”, says Jonathan O’Byrne, founder of Collective Works.
Picture: Collective Works
Collective Works will continue to manage its co-working business through an agreed transition period of six months, as most of its members have term membership commitments of up to 48 months.
The company will retain its management and systems arm, Collective Endeavour, led by O’Byrne. It will shift its focus to providing services to large organisations and asset owners seeking workplace advisory. This will include design, performance management and operational systems as well as process and infrastructure design.
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