HONG KONG -- A consortium led by U.S. investment firm Kohlberg Kravis Roberts and Singapore's Tiga Investments has announced the acquisition of Hong Kong coworking-space operator The Executive Centre, eyeing demand after COVID-19 is brought under control.

The Executive Centre operates more than 150 flexible office and conference spaces across 32 cities, including in China, Japan, South Korea, Southeast Asia, Australia and India. Focusing primarily on premium clients like major corporations and their executives, it reports annual turnover of more than $237 million.

KKR and Tiga expect demand for The Executive Centre's spaces to recover as more workers start returning to offices and resuming business travel. The value of the transaction was not disclosed.

Welcoming the deal, The Executive Centre CEO Paul Salnikow said in a news release, "It's a powerful partnership, well matched to drive the continued performance and growth of TEC." Salnikow founded the company in 1994 after a stint at Japanese developer Haseko.

"Flexibility will be key in companies' future workplace strategies," added S.J. Lim, a KKR managing director. "We believe The Executive Centre is well placed to capture new growth opportunities and build on its longstanding leadership position in Asia's premium workspace segment."