Property Fund Manager To Repurchase Coworking Firm
BlackWall, a property fund manager, has backed away from its own coworking brand and instead will look to purchase an operation that is struggling throughout the pandemic.
Earlier this year, BlackWall had completed the demerger of coworking operator WOTSO, with shares in the firm being distributed to BlackWall shareholders.
BlackWall had hopes to move forward with a public listing in the midst of the coworking boom last year, but the pandemic brought these dreams to a halt. Now, BlackWall says it will purchase back WOTSO.
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“It is expected the acquisition will secure WOTSO’s growth trajectory without the need to raise additional capital in an uncertain market,” said Jessie Glew and Tim Brown, BlackWall’s joint managing directors. “We do not expect the transaction to diminish BlackWall’s standing as a property investment trust as WOTSO is expected to represent less than 10 percent of the expanded group’s assets.”
Once completed, the property fund manager will have gross assets of about $400 million.
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