SINGAPORE - A joint venture between CapitaLand and The Work Project, known as The Work Project Kingdom (TWPK), has acquired Collective Works' co-working business for an undisclosed amount.
Co-working operator Collective Works was founded in 2012 and has two locations in Singapore. In March 2016, CapitaLand and Collective Works entered into a joint venture to establish Singapore's first premium co-working space in a Grade A office building in the central business district known as Collective Works Capital Tower.
Jonathan O'Byrne, founder of Collective Works, said: "Interest in Collective Works has been consistently strong, the market sees the product as a differentiated offering due to our thoughtful design and human-centric approach. Ultimately, it made sense for the 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."
Mr O'Byrne will continue to manage the co-working business for a six-month transition period.
Collective Endeavour, the management arm of Collective Works will also continue to be led and operated by Mr O'Byrne. He added: "We have developed unique intellectual property that allows us to quantify and measure utilisation and user behaviour which we see as the future of an optimised approach to the world of work."
Earlier this week, CapitaLand announced that it was investing $13.5 million for a 50 per cent stake in TWPK, and will extend another $13.5 million in shareholder loans to the co-working operator.