Daily Briefing: Ofo gets more time to remove bicycles; SC Capital Partners buys Rivervale Mall for $230m

And a Finnish startup hub and VC firm launch a 200-set coworking space in Queenstown.

From Channel News Asia:

A request from Chinese bike-sharing company Ofo for more time to remove its bicycles from public spaces has been granted by the Land Transport Authority (LTA), the authority said on Thursday (Mar 14).

One reason for the reprieve was the company's progress in implementing the QR code system, which kicked in on Jan 14.

Ofo headquarters has informed LTA that it is in "advanced stages of negotiations" to partner Ofo Singapore with another party.

The original deadline for the removal of Ofo's bikes was on Wednesday. Ofo's licence will continue to be suspended during the extension.

Read more here.

From e27:

Innovation House Finland, which provides a soft-landing hub for Finnish startups in Asia and a gateway for Asian entrepreneurs in Finland, in partnership with Singapore-based VC firm Mercatus Capital, has opened a co-working space in the city-state.

Singapore’s is Innovation House’s third facility globally. The 200-seat co-working space is located in Blk 71 Launchpad @One-North. Membership options include the use of co-working facilities with services, such as inclusion in the local networks, social media marketing and being part of a collaborative community.

Members can also avail Eight Mercatus‘s (a startup platform launched recently by the VC firm) services such as searching for financial channels and partnerships, marketing and branding, recruitment, legal and patent affairs in the Asian market.

Read more here.

From DealStreet Asia:

Pan-Asian real estate investment firm SC Capital Partners, through its SCORE+ fund, has acquired Rivervale Mall from Boston-headquartered AEW Capital Management for $230m (US$170m).

SCORE+ has a mandate of investing in core and core-plus direct real estate assets in gateway cities in Asia Pacific, primarily in Japan, Australia, New Zealand, Singapore, Hong Kong, and South Korea.

The three-storey retail centre has a gross lettable area of nearly 81,200 sqft and an adjacent four-storey car park annexe. SC Capital said the mall recently underwent capital improvements and had an occupancy rate as high as 97%.

Read more here.

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