Breaking Property News – 30/04/24
Daily bite-sized proptech and property news in partnership with Proptech-X.
Will Yardi’s multi-million gamble on WeWork the former £37Bn Unicorn pay off?
The word is that Adam Neumann the enfante terrible and former co-founder is unlikely to be the new owner of WeWork as it emerges out of the gloom of its present bankrupt state. Yardi now looks well positioned to become a majority shareholder of the company with a new 60% stake, shored up by an injection of £269m together with capital injected by other parties.
If this restructuring is waived through in late May Softbank would look to hold over 15% of the equity of the phoenix company. But the bigger question I feel is – in a different time and place WeWork was a £37Bn Unicorn, at a time that many companies had hyper-inflated ticket prices.
In some ways Yardi is in so deep that following through with this deal is better than any alternative plan, but there is still a huge mess with regard to landlord liabilities and perhaps more crucially has the world spun on, and is work itself still morphing into a more liquid asset type?
Everyone has to work, but is the WeWork model going to in the next decade be the de facto operating model? I have my doubts, but by June 2024, many stakeholders are going to be pulling out all the stops to ensure it just might be.
Andrew Stanton Executive Editor – moving property and proptech forward. PropTech-X
You May Also Enjoy
Industry reacts as Landlords to be hit with N.I tax
Brits Are Flocking to Australia in 2025
UK reports rising property market momentum
Homes priced too high take twice as long to sell warns Zoopla
Why September is the Most Expensive Month for Your Boiler
