WeWork is looking for a buyer for your co-working business in Ressively Dragoons
The company assigned the lease rights to large networks of coworking and will conclude with them the contract of the franchise.
Now 5 WeWork co-working spaces total area of 26 000 m2. The largest tenants — Yandex, X5 Retail Group and Citymobil. About finding a buyer reported “Vedomosti”.
WeWork does not leave Russia. The company will retain its brand and will conclude with the buyer of the franchise agreement. WeWork has stopped searching for new areas for co-working centres in Moscow in November 2019.
WeWork planned to go public before the end of 2019, but postponed the IPO due to unprofitable business model, which was criticized by investors. In April 2020, the company offered to tenants twice
to reduce the fee in exchange for long-term contracts.
In the first quarter of 2020 the company’s revenue exceeded $1 billion, in the second it was $882 million, losses reached $671 million In August, SoftBank invested in the company advanced $1.1 billion, and the total
the amount of investment from Japanese Bank WeWork reached $10 billion.