WeWork Southbank space enters the market for almost £1bn
One of the office sites leased to WeWork is being put on sale for nearly £1bn, which would be among the largest in London since the pandemic.
One and Two Southbank Place is being put on the market by developer Almacantar for £935m, it was first reported by the Financial Times.
The campus is being marketed for £935m, with the deal representing a four per cent yield.
It comes as investors’ confidence in the firm has been boosted since its successful initial public offering in autumn last year.
Founder and chief executive of Almacantar, Mike Hussey, told the Financial Times that there was more confidence in WeWork following its listing.
The co-working firm was battered two years ago when its attempt to make a public listing in 2019 failed.
Previous attempts to sell Southbank Place have failed, including when Singapore-based group Bright Ruby pulled a £850m sale in 2019.
The pandemic saw a possible sale to US investor Blackstone fall apart two years ago.
Separately, WeWork announced earlier this week that it was entering an exclusive partnership with coworking startup Upflex.
The flexible space firm said on Tuesday that the deal will result in a combined network of more than 5,500 locations, with WeWork selling Upflex space to its members.
WeWork announced it would also participate in Upflex’s Series A funding, alongside other investors.