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[bctt tweet=”WeWork’s investments into PacificCo, its Southeast Asia and South Korea joint venture with SoftBank, is expected to reach $1 billion by 2020 according to the company’s recent S-1 filing.” username=”allwork_space”]
The coworking firm currently operates three joint ventures for Asia: PacificCo, ChinaCo and JapanCo.
WeWork invested in PacificCo for the first time in 2017 with $500 million, and then again in 2018 with $300 million. Now, the company is required to invest $100 million in both 2019 and 2020.
The joint venture helps WeWork operate its market across Asia, including Singapore, Korea, the Philippines, Malaysia, Thailand, Vietnam and Indonesia.
“These strategic relationships have allowed us to expand into new regions without putting our capital at risk,” according to the company’s filing. “Our relationships with local partners have helped us establish a foothold in these key markets and laid the foundation for our future growth.”
WeWork said that is has negotiated the ability to buy out its partners in each of the regions and have been actively pursuing acquisitions.
Since April 2018, ChinaCo, PacificCo and WeWork Australia acquired 100% of issued and outstanding stock of Naked Hub Holdings Ltd, formerly the coworking arm of Shanghai-based resort firm Naked Retreats.
PacificCo acquired 100% equity in Naked Hub Vietnam for $14.4 million, while WeWork Australia acquired the same amount of Naked Hub Australia for $16.2 million.
