WeWork Update
Following WeWork’s $702 million in ‘junk’ bonds, many are taking a closer look at its “community-adjusted EBITDA”. And although the coworking giant did better than expected in the debt sale, the Financial Times reported that the “WeWork bond loses appeal days after debut”, trading at a lower than average price.
A Public Library Debuts A Coworking Space
The News-Gazette reported this week that “The Champaign Public Library formally opened Launch at the Library”, a sleek coworking space. According to the report, the space can be accessed for free and doesn’t require for individuals to make a reservation. The city’s government contributed US$75,000 to help establish the coworking space, while the CPL Foundation provided the rest of the funds.
From Germany To Chicago
A German coworking firm has announced expansion plans in the US, starting with a 15,000 square-foot workspace location in Chicago. According to the Chicago Tribune, “the Chicago deals are part of Rent24’s initial push in the US, which includes two leases near completion in New York.” Additionally, the Berlin-based company has future expansion plans in London, Tel Aviv and Moscow.
Southeast Asian Coworking Firms Signed A Deal With UOB
The Singapore Business Review reported this week that United Overseas Bank Limited (UOB) “signed a deal with four Southeast Asian coworking firms to offer its startup and SME customers up to 20% rental discount at any of their spaces.” The deal was signed between UOB and EV Hive, Common GRound, WORQ, and 80RR Fintech Hub SG. According to the report the “initiative addressed one of the top constraints to businesses’ cross-border expansion.”
