WeWork completes lease negotiations with Singapore landlords, targets May 31 to emerge from bankruptcy
The company embarked on a worldwide real estate rationalisation process in September last year, just before the business applied for bankruptcy proceeding in the United States two months after in November 2023. “The restructuring initiatives we have performed position WeWork as the primary property partner to property owners and members for the long term,” claims Claudio Hidalgo, WeWork’s COO.
Hidalgo adds: “Singapore has actually been, and will definitely remain to be, a priority market for WeWork, and we are delighted to commit even more down the road of work through our products and member experience.”
Global versatile work space service provider WeWork has announced that it has concluded a number of lease contract arrangements with its Singapore business property managers. This wraps up the property rationalisation exercise of its Singapore profile that began past September.
In Singapore, this rationalisation action did not see the co-working operator prematurely conclude any one of its workplace leases, and the company claims that it intends to continue to be in its existing buildings in the city-state for the near future. WeWork runs 14 areas in Singapore, and its biggest room is the 21-storey, Grade-A building at 21 Collyer Quay which is rented from CapitaLand Integrated Commercial Trust.
North Gaia Sing Holdings Limited
” Singapore has actually long been a center for multinational firms that are take advantage of our system to uphold their developments, in addition to fast-moving SMEs and startups that tap into our regional network to scale their tasks,” says Balder Tol, general supervisor, Australia & Southeast Asia, WeWork.
In other main markets, WeWork says that it has made “significant” development in its recurring economic restructuring in the United States and Canada, and has finished contract negotiations on 90% of its overseas realty account. The service company has intended May 31 to come out from bankruptcy security.
