PNN
Mumbai (Maharashtra) [India], January 11: Kontor Space Limited provides co-working services by renting and managing commercial spaces, has executed an LOI for opening a new co-working center at MIDC, Andheri East. This co-working space will be spread over approximately 25,000 sq. ft of area with a capacity of 500 seats. The center is scheduled to become operational from the second quarter of the FY2024-25, marking a significant growth milestone.
Commenting on the LOI, Kanak Mangal, Promoter, Kontor Space Limited Said, "By successfully executing an LOI for a new Co-working Center, Kontor is not only advancing its own trajectory but also actively shaping the future of workspaces for its clients.
The strategic choice of the specified area is a testament to the company's focus. Furthermore, the proposed location is strategically positioned to attract more clients, benefiting from excellent connectivity, including Metro Connectivity, along with proper infrastructure facilities. This location also offers lucrative opportunities, given the presence of many companies and a workforce in the surrounding area. With an impressive average co-working space occupancy of approximately 90%, the Andheri location stands out as a top performer.
The current capacity of the Company is of over 46,000 sq. ft of co-working spaces with more than 1,200 seats. The proposed capacity will expand the Company's space capacity by ~50% boosting its revenues substantially.
Kontor Space's business flexibility and commitment to value for money position it favorably for success in the Andheri location. This expansion not only signifies current success but also indicates Kontor Space's ability to deliver sustained growth, serving as a positive indicator for future prospects. It underscores the company's robust capabilities and growing recognition in the market.
The expansion aligns with the company's proposed plan of expansion outlined in the DRHP at the time of raising funds via IPO. The increased space capacity and strategic positioning in Andheri, Mumbai, position the company to capitalize on the growing demand for commercial working space."
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