CDL invests in China’s co-working space operator Distrii
By Tan Chee Yuen
/ CDL |
City Developments Limited (CDL) has inked an agreement to invest RMB 72 million ($14.8 million) for a 24% stake in Distrii, a operator of co-working spaces in China.
Founded in January 2016, Distrii has capacity for more than 2,200 members across nine locations in Shanghai, with 80% of this capacity being taken up already. In 1H2017, Distrii will be opening a new facility in Beijing and plans to further expand in this city as well as in Guangzhou, Shenzhen and other global gateway cities.
Marking its first international foray, Distrii will lease more than 60,000 sq ft of space at CDL-owned Republic Plaza Tower 1, a prime Grade A office building connected to the Raffles Place MRT Station in the heart of Singapore’s Central Business District.
It is expected to be one of the largest co-working facilities in Singapore as it will integrate food and beverage, entertainment, recreational and office facilities. Distrii’s co-working facility at Republic Plaza is expected to open in 1H2018 as the space is still currently leased out.
Distrii’s co-working facility at Suhe Center
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