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The WeWork logo is displayed on a screen during the company’s IPO on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., October 21, 2021. REUTERS/Brendan McDermid
Oct 29 (Reuters) – Real estate services company Cushman & Wakefield (CWK.N) said on Friday it had invested $150 million in WeWork Inc (WE.N), days after the office-sharing firm started trading on the New York Stock Exchange following a merger with a blank-check company.
The investment comes months after the two companies announced a partnership to help expand the suite of WeWork’s offerings.
As part of the investment, Cushman & Wakefield’s Chief Investment Officer Nathaniel Robinson will join WeWork’s board as an observer.
Backed by Japanese investment giant SoftBank Group Corp (9984.T) and once considered a prized bet for the conglomerate’s chief Masayoshi Son, WeWork saw a plunge in its valuation due to concerns over its corporate governance and heavy losses.
WeWork struck a $9 billion deal in March with BowX Acquistion Corp, a special purpose acquisition company, to take it public, nearly two years after a failed attempt at an initial public offering. read more
Reporting by Niket Nishant in Bengaluru; Editing by Shounak Dasgupta
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