NEW YORK CITY—Coworking giant WeWork Cos. said Thursday it would receive a total of $4.4 billion from Japan-based SoftBank Group and SoftBank Vision Fund. Included in the total are investments in three newly established companies that will expand WeWork's presence in Asia.
“Masayoshi Son is a visionary business leader and we are humbled by this strong endorsement of our mission and purpose,” says Adam Neumann, co-founder and CEO of WeWork, which occupies more than two million square feet of office space in its hometown of New York City alone. “This support from SoftBank and the Vision Fund will provide even more opportunities for creators as we set out to humanize the way people work and live.”
The agreement calls for SoftBank and its $93-billion Vision Fund to invest $3 billion in WeWork through a primary investment in new shares and a secondary purchase of existing shares. Additionally, SoftBank is investing a total of $1.4 billion into three newly created companies that are controlled and managed by local WeWork management teams across the Asia Pacific region.
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Paul Bubny
Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.
