Coliwoo (SGX:W8W) established a 50:50 joint venture with Macritchie Developments to acquire the REHAU Building in Singapore, according to a Thursday filing with the Singapore Exchange.

Shares of the company were down nearly 1% in Friday trading.

Following the acquisition, the property will undergo conversion works and will be transformed into a co-living space with commercial units on the ground floor.

The acquisition is part of Coliwoo's strategy to convert underutilized commercial properties into co-living assets.