Real estate services company Cushman & Wakefield said on Friday it had invested US$150 million in WeWork Inc, days after the office-sharing firm started trading on the New York Stock Exchange following a merger with a blank-check company.
The investment comes months after the two companies announced a partnership https://ir.cushmanwakefield.com/news/press-release-details/2021/WeWork-and-Cushman-Wakefield-Form-Exclusive-Strategic-Partnership-to-Deliver-Innovative-Flexible-Space-Operating-Platform/default.aspx to help expand the suite of WeWork’s offerings.
As part of the investment, Cushman & Wakefield’s Chief Investment Officer Nathaniel Robinson will join WeWork’s board as an observer.
Backed by Japanese investment giant SoftBank Group Corp and once considered a prized bet for the conglomerate’s chief Masayoshi Son, WeWork saw a plunge in its valuation due to concerns over its corporate governance and heavy losses.
WeWork struck a US$9 billion deal in March with BowX Acquistion Corp, a special purpose acquisition company, to take it public, nearly two years after a failed attempt at an initial public offering.
(Reporting by Niket Nishant in Bengaluru; Editing by Shounak Dasgupta)
For all the latest business News Click Here
