WeWork starts US$2.9 billion property platform with Canada's CDPQ

NEW YORK: The We Company, parent of workspace provider WeWork, said on Wednesday it has created a US$2.9 billion real estate investment platform with funding from one of Canada's largest pension funds, building on ties with private equity firm the Rhone Group.

WeWork is at the forefront of a structural shift in how real estate is bought, leased and consumed that will leave behind the landlords and investors who ignore the disruption, said Jonathan Pearce, and executive vice president at Ivanhoe Cambridge. "We don't think this is a fad," Pearce said in an interview."Every single aspect of the business is going to change."ARK marks an evolution in the real estate investment strategy of The We Company, it said in a statement, and will build on an investment advisory group, WeWork Property Advisors, that was established between Rhone and WeWork in 2017.

ARK will be chaired by Steven Langman, a Rhone co-founder and a board director of The We Company, which will own the majority of the newly formed venture with US$2.9 billion in equity.

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