The Flexi Group is launching as the largest operator of flexible workspaces in Asia-Pacific, merging regionally-recognised brands the Hive, Common Ground and The Cluster under one umbrella.
With this merger, The Flexi Group will boast a portfolio of 45 locations across 12 cities and nine countries including Hong Kong, Singapore, Malaysia, Australia, Thailand, Taiwan, Vietnam, the Philippines, and Japan.
This first merger, in a series of planned consolidation activities, is supported by investment from Singapore-based Catcha Group and Malaysia-based Emissary Capital.
Chris Edwards, CEO of The Flexi Group, stated one of the key reasons for the move is because “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”.
The Flexi Group will also take an asset-light approach to its real estate ventures, partnering with landlords on joint ventures instead of taking on large rental agreements. Their landlord partners in Asia include Chinachem Group in Hong Kong, Petronas in Malaysia, Central Group in Thailand, Ortigas in the Philippines and Hirsch and Faigen in Australia – with more to come in the next few months.
Edwards elaborated: “(Landlords) 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 30 per cent vs a traditional lease structure”,
Alongside 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 12 months.
“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 multiple brands targeting a different market segment across a variety of industries, we will see exponential growth and are forecasting to grow by up to 100 locations in the next three years,” Edwards said.
