Jefferies Financial Group Takes a Hit from WeWork
Business Insider reported this week that Jefferies Financial Group “again cut the value of its small WeWork stake.” The company’s merchant banking unit invested $9 million in WeWork for a stake that was worth $269 million as of May 31, 2019. In September, 2019, the Jefferies Financial Group slashed the estimated value of its stake by $146 million; this was even before the We Company officially pulled its IPO. Though Jefferies didn’t comment on the latest writedown, it is possible that “as the facts about We become clearer, further adjustments may be made.” Jefferies isn’t’ the only investor taking a hit, back in October, Goldman Sachs reported an $80 million hit from its investment in WeWork.
JustCo Investor Sells Stake
Deal Street Asia reported this week that “French alternative investment manager Tikehau Capital has sold its stake in Singapore coworking space operator Justco to a group of investors.” Tikehau Capital reportedly made a net profit of $20.5 million from the sale. Though the names of investors were not released, Frasers Property stated in a separate filing that it had bought additional shares in JustCo Holdings for $12.4 million, increasing its stake in the operator by 22.2%.
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Knotel Goes to DC
The Commercial Observer reported this week that flexible workspace operator, Knotel, has officially expanded into the Washington, D.C. market. According to the report, Knotel “inked a deal last quarter for 12,508 suqare feet across the entire third and fourth floors at Douglas development’s 909 E Street.” Knotel has reportedly been looking for space in D.C. since mid-2019 and it has completed several transactions for more locations across D.C., mostly in the East End and Downtown submarkets.Share this article