The move represents a strategy shift for the company, which has previously focused on leasing space from other property owners.
Neumann has generated controversy by personally purchasing stakes in properties that then lease space to WeWork. Although the transactions have been legal, he's been accused of engaging in a kind of self-dealing that raises questions about conflicts on interest.As part of establishing the new fund, Neumann plan to contribute his interest in those properties to WeWork, Neumann told Business Insider.
"Whatever I own that has any WeWork tenancy in it is moving to WeWork," he told Business Insider."I'll lose money on that transaction, but the reason that's not a problem is because I'm a large shareholder of WeWork. WeWork is me; I am WeWork.To be sure, transferring the property to ARK doesn't eliminate the conflict of interest concerns, as Bloomberg Businessweek noted.
Although WeWork will control the fund, it will be overseen by Steven Langman, who will serve as its chairman, Neumann said. Langman and his team will run it to the benefit of the fund's investors, he said. "They have fiduciary duties toward the people they raise money from," Neumann said."It's their job to buy real estate that is going to make a return for their investors."Contact this reporter via email at [email protected], message him on Twitter
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