Investment, Private Equity

Gaw Capital-Backed Naked Hub Eyes Expansion Across Asia

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Shanghai-based co-working space operator naked Hub, backed by private real estate investment firm Gaw Capital, said it has expanded to five cities in China and Vietnam and grown its co-working hub network to 21 across the region.

Since its launch in November 2015, naked Hub is currently building and operating 21 co-working space hubs in Shanghai, Beijing, Hong Kong, Hanoi and Ho Chi Minh City. Shanghai is still its largest base, with 12 locations citywide and almost 100,000 square meters of work space and 15,000 seats.

"Asia is the world’s most vibrant continent as countless creative minds are re-imagining how the world will move forward," said Grant Horsfield, founder of naked Group. "The strong partnerships we have built, both new and existing, are demonstrations of trust in naked Group’s vision and expertise to embrace the evolution of working space, and the value we could create for both our tenants and investors."

Horsfield said that naked Hub would open another 24 locations in 2017 to have around 36 hubs in total by the end of 2017 during an earlier interview with China Money Network.

The co-working space unit under naked Group is also planning to work with a unit of Shanghai Land to open the largest co-working space in Shanghai, with 11,000 square meters and 1,700-desk in a building on Loushanguan Lu in the Gubei district of Shanghai. The alternative work space is used by freelancers, start-ups, small and medium enterprises, and multi-national corporations.

Gaw Capital, which led a US$33 million funding round in naked Hub in November 2016, is partnering with the co-working space operator to expand in Beijing and Hong Kong in China, as well as iin Hanoi in Vietnam, where Hong Kong-based Gaw has been active investing in various projects.

In 2015, Gaw bought a portfolio of real estate projects in Vietnam from a company named Indochina Land Holdings 2 Limited for US$106 million.

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