A new Breakingviews e-book recaps the rise and fall of The We Company. Time will tell whether the firm really managed to change the future of work or became the poster child for the private-market boom and bust.
WeWork is getting more complex as it readies for an initial public offering, but its central problem remains simple. The shared-office firm has set up a unit to buy buildings it can then let out to its customers. It’s a way to hedge against rising lease costs and cash in on WeWork’s supposed halo effect. If tenants prove fickle or demand subsidies, though, the benefit of owning property only goes so far.
Its new unit, called ARK, will roll up existing investments in real estate, including those by private-equity firm Rhone and WeWork co-founder Adam Neumann, and add an injection of $1 billion from a unit of Canadian investment firm Caisse de depot et placement du Quebec. The structure is intricate, with separate funds and special purpose vehicles, according to a person familiar with the situation.
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