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Jonathan Price – CRE & Flex Expert
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Another group of investors is stepping forward expressing interest in making a bid for WeWork.
According to a report published by Commercial Property Executive, San Francisco-based home rental platform Rentberry is set to announce a proposal this week.
“We are on the cusp of a revolution in how people work and live, demanding unprecedented flexibility,” Rentberry CEO Oleksiy Lubinksy stated in an announcement. “By aligning WeWork’s expansive coworking ecosystem with our Flexible Living concept, we aim to create a global network of spaces that support a dynamic, mobile lifestyle, catering to the needs of today’s professionals.”
News of Rentberry arrives shortly after news of WeWork’s ousted founder Adam Neumann broke revealing his desire to repurchase the company — although his discussions with hedge fund manager of Third Point, Dan Loeb, have not led to any official commitments for a bid.
A potential acquisition by Rentberry would include partnerships with venture capital firm Berkeley Hills Capital and investment bank PJT Partners, according to Commercial Property Executive.
Despite the emergence of interested parties, WeWork has publicly expressed its not interested in a buyout, instead the company says it remains focused on its long-term independence. In court filings WeWork is stressing its business restructuring and the renegotiation of lease agreements to alleviate unsustainable rent expenses. However, the filings also reveal that WeWork is actively seeking new financing as it stands at a critical moment in its bankruptcy proceedings.
WeWork is reported to have incurred at least $33 million in unpaid rent that was due on January 1 — which the company contends that landlords could receive payment through alternative methods including letters of credit instead of depleting its cash reserves.
This development could open a possible new direction for WeWork as it navigates the challenges of its bankruptcy and as it seeks to redefine its place in the commercial real estate market.
