Apollo backs Asia flex-office giant with $590 million debt deal
What's the deal? Apollo Global ManagementDealroom has a profile for this one. Try Dealroom → has provided $585 million in financing to The Executive CentreDealroom has a profile for this one. Try Dealroom → (TEC), a Hong Kong-based provider of premium flexible office space. Apollo-managed funds, affiliates, and other long-term investors backed the deal, announced on September 15, 2026.
What's the endgame? TEC will use most of the proceeds to refinance existing debt, with the rest supporting expansion. The company operates more than 260 centres across 38 cities in 15 markets spanning APAC and the Middle East, built over three decades of operating experience.
Why now? Apollo framed the financing as a response to sustained demand for premium flexible workspace in the region. "Apollo's ability to deliver a solution signals confidence and addresses both our refinancing objectives and growth ambitions," a TEC spokesperson said.
Who's behind it? Celia Yan, partner and co-head of APAC Credit & Hybrid at Apollo, led the transaction. "Bespoke hybrid solutions require deep cross-collaboration and the ability to understand both investors and management teams alike," she said. The deal builds on Apollo's hybrid capital work in Asia, including transactions with JSW Cement, Global Schools GroupDealroom has a profile for this one. Try Dealroom →, and Hero FinCorp.
By the numbers: The financing ranks among the largest of its kind for its niche, landing in the 96th percentile of debt rounds for Hong Kong-based companies in its sector across all-time records. As of June 30, 2026, Apollo managed roughly $1.05 trillion in assets.
The signal: Large private credit deals continue to flow toward Asia's flexible-workspace operators, a sign that lenders see steady demand for premium office space even as traditional real estate faces pressure. For Apollo, the deal deepens a growing bench of bespoke hybrid financings across the region.
Image credit: Ray Devlin
