裸心社与Just Co.,合并取消，他们到底怎么了？

2017年无比火得共享办公行业里，中国的Naked Hub（裸心社）绝对是值得一提的品牌，之前所做的裸心谷，其国际化的装修风格，创始人的背景以及投资方是基汇资本。2017年其宣布了和新加坡公司Just co., 的合并，但之前一段时间已经有听说了此合并流产的消息。最近Just co.,的一则发言坐实了消息的真实性。

转自dealstreetasia

https://www.dealstreetasia.com/stories/merger-co-working-space-operators-justco-naked-hub-called-off-90738/

Mars Woo January 21, 2018 The proposed merger of co-working space operators naked Hub of Shanghai and JustCo of Singapore, which would have created the largest premium co-working space operator in Asia, has been called off. Eileen Wee, the marketing communications manager of JustCo, told DEALSTREETASIA that the conditional merger between the two co-working space operators, announced in July 2017, did not materialize eventually. “In the course of due diligence that was carried out in the past months, we realized there were expectations unaligned in key aspects of the conditional merger, hence in the best interest of both parties, the conditional merger did not proceed,” Wee said. The two co-working space operators earlier announced plans to merge to compete with industry leader WeWork, whose operational footprint in Asia extends to China, Hong Kong, and India. naked Hub currently has 44 hubs open or in the pipeline across the world in Mainland China, Hong Kong, Vietnam, Australia, and the UK. It aims to operate 194 co-working spaces by 2020. In October 2017, the company announced plans to go public in Hong Kong this year after a fresh round of fundraising. Last week, China Money Network reported that naked Hub was planning to acquire Australia’s premium co-working space provider Gravity Coworking as part of its efforts to expand its presence globally. A spokesperson for naked Hub, however, told DEALSTREETASIA that the deal has not been officially signed yet and is expected to be inked this week. JustCo, meanwhile, secured $12 million in a Series B round from Thailand’s listed property developer Sansiri Plc last October 2017. JustCo currently operates four locations in Singapore with a total space of 180,000 square feet. Following the funding, it will accelerate its expansion into Bangkok, Ho Chi Minh City, Jakarta, Kuala Lumpur and Manila, with a target to have a total of 30 co-working spaces covering one million square feet by next year.

Read more at: https://www.dealstreetasia.com/stories/merger-co-working-space-operators-justco-naked-hub-called-off-90738/

根据红色部分标出的just co.,的发言：“在DD的过程中发现有一些合并时非常重要的条件方面并没有符合预期，因此此合并没有进行下去。”

从以上方面的发言，结合最近听到的关于naked hub和业主之前的一些的问题，以及其之前宣布的融资迟迟未定，可以联想到很多问题。再加市场上关于项目运营不理想、租金延迟支付、甚至可能退租的传言，最简单的推测是其项目的盈利不符合合并方之前的预期。

最简单的一个例子是其刚开业的北京盈科中心项目，其一共五层的项目，位置非常核心，只是其安排有些看不懂，项目一共从L1-L5，L1是电梯厅忽略不计，L5作为最顶层配备游泳池及落地玻璃，环境很不错，Naked Hub将其全部设为公共区域及会议空间，几乎没有获得收益的单间出现。L4一整个是健身房（单层面积不大），唯一的办公区是在L3。可能是由于刚开业的关系，人并不多。而且这样一整栋楼的安排让如何盈利产生了疑问。不过可能是由于这个楼是其投资方Gaw Capital的物业，租金可能不是问题。

最新得到的消息是裸心的C轮融资，有望在春节前后完成，预计规模在1.25-1.75亿美元，如果裸心能如愿完成此笔融资，那么能一定程度上缓解其资金上的压力，同时也让其有更多获得好的资源的可能性。