We are pleased to announce that we have acted for The Great Room Pte. Ltd. (“The Great Room”) and its key shareholders in the acquisition by the Industrious group (“Industrious”) of 100% of the shares in The Great Room. The acquisition was completed in May 2022 alongside Industrious’ acquisition of Welkin & Meraki, a Europe-based premium workplace brand, as part of Industrious’ bid to expand across Asia and Europe, at approximately USD$100M in aggregate for both transactions, paid in cash and stock.

The Great Room is a premium hospitality-based, co-working space operator which was established in 2016 and currently has 7 locations across Singapore, Hong Kong, and Bangkok.

Industrious, which is backed by CBRE Group Inc., is a co-working space operator founded in 2014 and headquartered in New York, with over 150 co-working locations in over 65 cities.

The acquisition will enable The Great Room to be better capitalised for growth within the flexible workspace segment in the APAC region.

For more information, please refer to:

·       https://www.bloomberg.com/news/articles/2022-05-09/industrious-expands-in-europe-asia-as-employers-back-flex-work#xj4y7vzkg

·       https://www.edgeprop.sg/property-news/great-room-acquired-cbre-backed-co-working-operator-industrious

·       https://www.cbre.com/press-releases/cbre-group-inc-increases-investment-in-industrious