The Hive, Common Ground, and The Cluster merge to create The Flexi Group, expanding their portfolio to 45 locations across 12 cities and 9 countries in APAC.
The Flexi Group has launched as the largest operator of flexible workspaces in the Asia Pacific region, merging Hong Kong-headquartered the Hive, Malaysia-founded Common Ground, and Melbourne-based The Cluster under one umbrella.
Following the merger, the Group’s portfolio will encompass 45 flexible workspaces across Hong Kong, Singapore, Malaysia, Australia, Thailand, Taiwan, Vietnam, the Philippines, and Japan offering holistic membership solutions for businesses of all sizes, ranging from conventional coworking memberships to full-service enterprise and white labeled management solutions.
This is the first in a series of planned consolidation activities supported by investment from the Catcha Group and Emissary Capital, headquartered in Singapore and Malaysia, and with over 20 years of operating and investing in new economy sectors in Asia. This is also a step in the direction of an IPO that will enable The Flexi Group to drive new tech-enabled hybrid solutions as it leads the future of work in APAC and beyond.
Chris Edwards, the CEO of The Flexi Group, stated, “We are delighted to launch The Flexi Group as the leading provider of flexible workspaces in the Asia-Pacific region. The pandemic has changed the way the world works, with businesses of all sizes shifting their workplace strategies towards flexible solutions, employee wellbeing, and collaborative spaces, and we are excited to be at the forefront of that trend.
The Flexi Group follows an asset-light approach to its real estate ventures, partnering with landlords on joint venture agreements instead of taking on large rental agreements. Their landlord partners in Asia already include Chinachem in Hong Kong, Petronas in Malaysia, Central Group in Thailand, Ortigas in the Philippines, and Hirsch & Faigen in Australia – with more to be announced over the next few months.
“We work with some of the leading landlords in the region who see flexible workspaces as a natural evolution of their business. They work with us to help engage the tenants in their buildings, offering them access to best in class events, flexible work solutions and bookable meeting and event spaces. Asset owners can also unlock revenue potential as our partners see increased returns of up to 50% vs a traditional lease structure,” Chris added.
“Our multi brand for a multi-demographic approach is unique in the region. This strategy gives us the opportunity to partner with landlords across a variety of asset classes across Asia and Australia. With our three brands targeting a different market segment across a variety of industries, we will see exponential growth and are forecasting to grow by 100 locations in the next three years,” Chris concluded.
Along with their landlord partners, The Flexi Group will continue to expand their three brands across the region with multiple new locations set to open in Australia, Malaysia, Thailand, the Philippines and Singapore over the next year.
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