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Thai listed property developer Sansiri Pcl announced an investment of $80 million across six global technology and lifestyle companies as part of a bid to expand beyond real estate development and into the global market.
Of this, Sansiri will invest about $58 million in US-based boutique hotel chain Standard International and its mobile booking application, One Night. The Thai firm will hold a 35 per cent stake in the hospitality firm.
The remaining include a $3.1-million stake in Tyler Brûlé’s lifestyle magazine Monocle; $6.6 million in London’s Airbnb management firm Hostmaker; $12 million in Southeast Asia’s co-working space JustCo; and $300,000 in a smart indoor farm technology firm Farmshelf, according to a Financial Times report.
Srettha Thavisin, president of Sansiri Pcl, said that the company’s investments will focus on three key activities, which include strategic investment in global lifestyle brands; developing property technologies in partnership with industry disruptors; and enhancing influence and audience through premium lifestyle media.
Kang Wan Sing, Founder and CEO of JustCo, said that the partnership with Sansiri will support JustCo to launch four co-working spaces in Bangkok. “We expect to have 20 co-working spaces across Asia-Pacific by 2018, giving Sansiri access to our 12,000 members,” he added.