Brigade Enterprise ventures into coworking space segment

The company has entered the coworking business segment with the launch of a new brand BuzzWorks. Brigade plans to start off with 2,500 seats space across 7 locations.

Buzzworks plans to provide managed offices as well as coworking. All locations will provide high-speed internet, security, housekeeping and refreshment services. The company also plans to partner with food and beverage services, gyms and salons at these locations.

The management believes that this segment is a natural extension of its commercial office portfolio.

Earlier, the realtor had signed an agreement with Technopark for developing a World Trade Centre at Technocity, Thiruvananthapuram. Also, the company has plans to develop commercial projects through an investment of Rs. 4,000 crore in the southern parts of India by 2020. It also seeks to divest stake in the hospitality business.

On Thursday, the stock of Brigade Enterprises opened at Rs. 229.75 per share and hit an intraday high of Rs. 231.25. At 12:59 hours, the stock was quoting Rs. 228.15 per share, down by 1.04 per cent. Meanwhile, the benchmark index BSE Sensex turned negative after a three-day rally and was at 37,724.27, down by 27.90 points or 0.07 per cent.