Smartworks to Acquire Workstudio Spaces, Doubling Singapore Footprint

Smartworks agreed to acquire Singapore-based Workstudio Spaces, picking up 76,000 square feet and more than 1,500 seats. The deal, funded from internal cash, will more than double the company's presence in the city-state within two years, Smartworks said.

The acquisition targets a specific micro-market where demand for flexible office space is growing. It also broadens Smartworks' tenant base beyond its current mix. The company recently turned profitable and reported strong revenue growth, according to a statement.

Smartworks, which operates co-working centers across India, has been expanding overseas. The Workstudio purchase gives it a larger foothold in Singapore's competitive flexible-office segment. The transaction is expected to close in the coming months.