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WeWork owner starts $2.9 billion platform to invest in real estate
Moneycontrol.com  |  May 16, 2019

Reuters

The move to acquire and manage properties is a departure for the New York-based company, which has largely focused on renting office spaces, rather than owning them.

 

Shared office space company WeWork's owner, The We Company, on May 15 set up a new real-estate investment platform, Ark, to buy and develop commercial properties around the world.

 

Ark will have an initial investment of about $2.9 billion, with $1 billion from Ivanhoé Cambridge, a unit of Canada-based investor, CDPQ.

 

The move to acquire and manage properties is a departure for the New York-based company, which has largely focused on renting office spaces, rather than owning them.

 

WeWork, which was valued at about $47 billion in a private fundraising round in January, is currently heading toward what may be the year's largest IPO after ride-hailing firm Uber.