Strategic Acquisition

Smartworks to Acquire Singapore-Based Workstudio Spaces, Expanding Singapore Footprint Beyond 76,000 sq. ft.

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Smartworks Coworking Spaces Limited has announced the proposed acquisition of Singapore-based Workstudio Spaces Pte. Ltd. through its wholly owned subsidiary. The transaction will significantly expand the company’s enterprise workspace footprint in Singapore and is expected to close in July 2026, subject to regulatory approvals.

PRICE-SENSITIVE TRIGGER

Event: Proposed acquisition of Workstudio Spaces Pte. Ltd.

Type: Strategic Acquisition

Impact: Positive

Immediate Effect: The acquisition is expected to strengthen Smartworks’ presence in Singapore, more than double its operational footprint over the past two years, and expand its enterprise client base. Completion remains subject to requisite approvals.

Key Metrics:

Current Singapore Footprint: ~26,000 sq. ft.
Post Acquisition Footprint: ~76,000 sq. ft.
Expected Seating Capacity: More than 1,500 seats
Total Portfolio (March 31, 2026): ~16.1 million sq. ft.
Operational Centres: 66
Cities Served: 15 across India and Singapore

Highlight:

Singapore operational footprint is expected to increase to approximately 76,000 sq. ft., reinforcing Smartworks’ expansion strategy in Southeast Asia.

What Happened ?

Smartworks Coworking Spaces Limited announced its proposed acquisition of Workstudio Spaces Pte. Ltd., a Singapore-based flexible workspace operator, through its wholly owned subsidiary, Smartworks Space Pte. Ltd.

Workstudio currently operates approximately 26,000 sq. ft. of managed workspace with healthy committed occupancy levels. Following completion of the transaction, Smartworks expects to operate four centres in Singapore with an aggregate footprint of around 76,000 sq. ft. and seating capacity exceeding 1,500.

The acquisition will be funded using available funds within the Singapore subsidiary and is expected to be completed during July 2026, subject to regulatory approvals.

Key Details

Acquisition Highlights:

Smartworks will acquire Singapore-based Workstudio Spaces Pte. Ltd.
Transaction will be executed through the company’s wholly owned Singapore subsidiary.
Acquisition is expected to close in July 2026, subject to requisite approvals.
Purchase consideration will be funded through internal funds available with the subsidiary.
Singapore portfolio will expand from approximately 26,000 sq. ft. to nearly 76,000 sq. ft.
Total seating capacity in Singapore is expected to exceed 1,500.
The company expects to operate four enterprise workspace centres in Singapore after completion.
The acquisition expands Smartworks’ presence across key Singapore business districts.

Note:

Management stated that the acquisition aligns with its disciplined capital allocation strategy and long-term objective of strengthening its international enterprise workspace platform.

Risk Analysis

Summary:

Although strategically significant, the acquisition remains subject to completion conditions and integration execution.

Key Risks:

Regulatory and statutory approvals are pending.
Transaction completion is expected only after closing conditions are satisfied.
Successful operational integration will be necessary to realize expected synergies.
Occupancy growth and expansion benefits will depend on continued enterprise demand in Singapore.

Worst Case:

Delay in approvals or integration challenges could postpone anticipated operational benefits and expansion plans.

Risk Level: Medium

Company Commentary

Singapore continues to remain a strategically important market supported by strong enterprise demand.
Existing Singapore centres have remained profitable over the last two years.
Workstudio complements Smartworks’ existing presence by expanding access to a high-demand micro-market.
The acquisition broadens enterprise customer relationships and diversifies the Singapore portfolio.
Management believes the transaction will strengthen Smartworks’ ability to deliver enterprise-grade managed workspace solutions across Singapore.
The acquisition reflects the company’s disciplined approach toward strategically aligned international expansion.

Official Exchange Filing: Smartworks Coworking Spaces Limited

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