Gaw Capital Partners, the Hong Kong-based property investment firm, has invested in naked Hub, a Shanghai-based network of coworking spaces.
The investment is understood to be $15 million and was made via the firm’s Gateway Real Estate Fund V. The firm is targeting a total capital raise of $1.3 billion for the fund and held a $700 million first close back in April, PERE previously revealed.
The capital injection from Gaw Capital will be used to finance the opening of new naked Hub workspaces inside and outside of China, adding 24 to 30 new naked Hub locations across China, Hong Kong, Singapore and other cities in Southeast Asia.
Coworking is projected to grow 68 percent annually from 2016 and 2018, according to the firm’s statement.
Humbert Pang, managing principal head of China for Gaw Capital Partners commented: “We are delighted to be part of the growing trend in the coworking office market especially with an operator with a proven commitment and track record in China.”
Established in 2005, Gaw Capital has raised equity of $6.3 billion and has $12.7 billion under management as of Q2 2016. The firm currently manages four real estate funds targeting the Greater China and Asia-Pacific region. Additionally, Gaw Capital manages opportunistic funds in Vietnam and the US along with a hospitality fund targeting the Asia-Pacific region. Gaw Capital also provides services for separate account direct investments in the global markets.