WeWork completes lease negotiations with Singapore landlords, targets May 31 to emerge from bankruptcy
In many other main markets, WeWork claims that it has made “significant” progress in its recurring monetary rebuilding in the US and Canada, and has finished lease contract arrangements on 90% of its global property profile. The business has targeted May 31 to emerge from case of bankruptcy cover.
In Singapore, this rationalisation exercise did not see the co-working operator prematurely finish any one of its workplace lease contract, and the business says that it intends to continue to be in its current buildings in the city-state for the foreseeable future. WeWork runs 14 sites in Singapore, and its biggest area is the 21-storey, Grade-A building at 21 Collyer Quay which is rented from CapitaLand Integrated Commercial Trust.
” Singapore has long been a core for multinational firms that are take advantage of our network to support their growths, along with fast-moving SMEs and startups that take advantage of our regional network to balance their tasks,” says Balder Tol, general supervisor, Australia & Southeast Asia, WeWork.
The firm commenced an international real estate rationalisation method in September in 2023, right before the company applied for bankruptcy in the US two months later in November 2023. “The rebuilding attempts we have performed position WeWork as the top property partner to proprietors and members for the long-term,” claims Claudio Hidalgo, WeWork’s COO.
Hidalgo includes: “Singapore has actually been, and will definitely continue to be, a priority industry for WeWork, and we are delighted to spend even more later on of work through our goods and user experience.”
Global flexible workspace company WeWork has recently declared that it has ended a set of contract arrangements with its Singapore business property managers. This finishes up the property rationalisation exercise of its Singapore profile that started off last September.
