Generator joins forces with Precinct
Generator is pleased to announce the conditional acquisition of a 50% interest in Generator by New Zealand property giant Precinct Properties.
Precinct is a listed property company and the largest owner of premium inner-city business space in Auckland and Wellington, with 12 landmark buildings collectively valued at $1.55 billion.
Generator, established in 2011, operates 3,000 square meters of vibrant co-working space over three sites within the Auckland CBD. Its ‘curated’ community encompasses 107 member companies, including award winning local start-ups and beachhead offices for global operators.
Generator is at the forefront of the global movement of ‘Coworking’ that has seen dramatic global growth and significant CBD property market disruption in recent years. Coworking worldwide is predicted to number more than 26,000 operators and 3.8m members by 2020 – a staggering 41% compound growth since 2016*.
The purchase will give Precinct an opportunity to participate in this exciting, growing market segment.
George Crawford, Precinct COO said that “Generator is well aligned with Precinct’s values and its strategy of being a city centre specialist.
“Generator has a strong management team and offers the opportunity to enhance the amenity and service levels that Precinct can offer its clients.
“It also enables Precinct to expand its traditional client base with smaller businesses, helping to grow occupancy and demand,” he said.
Generator Founder and CEO Ryan Wilson says that Precinct is the perfect partner for Generator for the next stage in its evolution.
“Generator has seen strong, consistent growth since it was created in 2011 and the partnership with Precinct comes at a perfect time to escalate that growth to a new level,” said Wilson.
“Precinct is a serious operator in the property business in New Zealand and this partnership gives Generator a solid foundation for its own expansion plans and the roll out of an exciting schedule of programmes and services that will support our business ecosystem going forward,” he said.
Wilson says that Generator’s success has been through the provision of specialised, professional and a highly curated co-working membership experience.
“We place a great deal of emphasis on ensuring that members have a discreet, modern, relaxed and comfortable environment in which to work (and socialise), but we also believe that there is an equal need to ensure our members can present a more formal and highly professional face to the market, when the situation demands.”
“This extends both to the range of office environments and the facilities offered. Initiatives in the pipeline include rapid development of GENHUB, our digital community and information platform that allows members to interact with Generator’s services and discover collaboration opportunities, a new in-house investment programme, member incentive scheme and international scholarship programme.”
“We are always mindful that we exist because our members choose to be with us, which means we are constantly on the lookout for innovative ways to help our member businesses grow and succeed,” said Wilson.
“Further announcements are to be made in the near future,” Wilson said.
For further information, please call:
Generator, PR Representative, Paul Blomfield;