The company's CEO has been criticized for a similar practice in the past.
WeWork announced Wednesday it is creating a fund with $2.9 billion of total equity capital to buy stakes in buildings it rents from.
The company has previously been criticized for CEO Adam Neumann's stake in buildings he rented to the company. The fund, called ARK, will serve as WeWork's "global real estate acquisition and management platform," according to a press release.has become a business with a multi-billion valuation by being a prolific tenant. Now, it is starting a nearly $3 billion fund to become a landlord, too.
WeWork, which recently renamed itself to The We Company, is creating ARK, a "global real estate acquisition and management platform," to buy stakes in buildings in which it plans to lease a lot of space, the company"ARK will focus on acquiring, developing, and managing real estate assets in global gateway cities and high-growth secondary markets that will benefit from WeWork's occupancy," according to the release.
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