WeWork Trying to Get out of Leases
The Information (paywall) reported this week that WeWork is trying to unravel office lease deals. According to the report, the coworking company “has been trying to shrink the number of buildings it leases even faster than is widely understood.” Company executives are reportedly talking with landlords to find ways of getting out of leases WeWork has recently signed on as many as 100 buildings around the world. According to estimates from The Information, 100 buildings would represent between 10% to 15% of WeWork’s overall office footprint. WeWork is seeking to get out of leases mostly for buildings that haven’t opened yet, but also some of which have been slow to fill up and are not gaining enough traction.
SoftBank’s “Hypothetical” Story of WeWork Torn to Pieces
Early this week, Paul Miller published an article on LinkedIn tearing SoftBank’s deck of its WeWork investment to pieces. In this hilarious, yet insightful and accurate post, Miller goes slide by slide unraveling what SoftBank said, pointing out issues like SoftBank not using actual ratios of profit for WeWork to present WeWork’s profit, using buzzwords to convolute messages, and labeling things without explaining what they are. Definitely worth a read for anyone following the WeWork and SoftBank saga.
The Latest News
Delivered To Your Inbox
Ucommune’s latest filing with the U.S. SEC lists Chinese banks Haitong International and China Renaissance as leading the planned IPO. Previous filings listed Citigroup Inc (C.N) and Credit Suisse Group AG. C.N. and CSGN.S reportedly dropped out of Ucommune’s IPO because “they could not agree an achievable valuation with Ucommune,” Reuters reported this week. Still, Ucommune is moving ahead with its IPO at the valuation City and Credit Suisse believe was not possible to be learned.
For more flexible workspace news, check out Allwork.Space’s daily digest!