Now Offering 4 flexible workspace solutions in each destination
SINGAPORE 31 May 2023 – The Flexi Group, one of APAC’s largest flexible workspace providers, which is the business combination target of TG Venture Acquisition Corp. (Nasdaq: TGVC) (“TGVC“), has announced continued expansion by doubling its number of locations in both Singapore and Australia through strategic partnerships and acquisitions.
Unified in 2022 following a merger of three leading brands – the Hive, The Cluster and Common Ground – The Flexi Group now has 43 locations in 11 cities and 8 countries including Australia, Singapore, Malaysia, Hong Kong, Thailand, Philippines, Taiwan, and Vietnam.
The acquisition in November 2022 of two former Found8 coworking locations, which have become the Hive North Bridge Road and the Hive Tanjong Pagar, brought the total number of Flexi Group locations in Singapore to four, joining the Hive Carpenter and Hive Lavender spaces.
In May 2022, The Flexi Group, through a subsidiary of its Australian subsidiary (“the Hive Australia”), entered into a partnership agreement with Hirsch & Faigen, pursuant to which the Hive will be the anchor tenant to Hirsch & Faigen’s latest $70 million office building in Melbourne’s East. Also, in October 2021, the Hive Australia signed a partnership agreement to occupy the three upper levels of the historic Milton House on Fitzroy Street, St Kilda. The two new locations, the Hive Abbotsford and the Hive Milton House, which will both open in mid-2023, will join the existing Hive Collingwood and Cluster CBD locations in Melbourne, Australia.
Unlike other flexible workspace operators, The Flexi Group has increasingly been pursuing an asset-light approach to its real estate ventures, partnering with landlords on joint ventures instead of leasing office space and taking on potentially significant financial obligations under rental agreements. By partnering with The Flexi Group, landlords can offer increased flexibility to tenants, as well as improve greater building engagement by offering them access to events, agile work solutions and bookable meeting and event spaces.
The Flexi Group’s multi-brand for a multi-demographic approach is unusual in the industry and creates the opportunity to partner with landlords across a variety of asset classes with differentiated pricing, building, location, and office size preferences, thus allowing each brand to grow strategically across the globe.
Chief Executive Officer of The Flexi Group, Chris Edwards, says “We see an incredible opportunity to expand our network both organically and through acquisitions in both Australia and Singapore, meeting the significant demand we’ve seen for the hybrid work model in both markets. Despite the economic headwinds, we are extremely bullish for the future of flexible working and looking forward to continued growth in the region.”
