Ucommune Withdraws from IPO Plans
Pandaily reported this week that Chinese coworking operator, Ucommune, “announced the withdrawal of its initial public offering plan from the New York Stock Exchange where it originally filed in December 2019.” The company has instead entered into a merger agreement with New York-based Orisun Acquisition Corp. According to reports, “the combined public entity will equate to a valuation of approximately $769 million upon the closing of the transactions. The newly-merged company is expected to trade on NASDAQ under a new ticker symbol as early as the third quarter of 2020.”
WeWork to Close Miami Beach Location in August
The Real Deal reported this week that “WeWork is leaving Lincoln Road after allegedly owing more than $650,000 in unpaid rent at Lenox Avenue, and is consolidating its two Miami Beach locations into one.” According to sources, the Lincoln Road location will officially shut its doors on August 14th; members of Lincoln Road can choose to relocate to WeWork’s Lenox Avenue location or its downtown Miami coworking space at the Southeast Financial Center. The struggling coworking company is looking to shrink its portfolio around the world.
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IWG Bets on Suburban Coworking
The Financial Times reported this week that International Workplace Group, Inc. (IWG) is optimistic about the future of suburban coworking. According to the report, “coronavirus is causing a shift to suburban working while city centres suffer.” Speaking to FT, Mark Dixon said that all of IWG’s new franchise agreements are in the provinces and the suburbs. According to an analyst, the outlook for IWG post-pandemic is a positive one, as the flexible workspace group has managed to build a robust network of regional offices over the course of several years.