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Co-working behemoth WeWork is planning to establish its own investment arm in hopes of buying its own real estate properties.
This could be a big strategic shift should the $16.9B unicorn succeed, particularly because it would place it in direct competition with the landlords it partners with all over the world. WeWork vice chair Michael Gross made the announcement during the Cornell Real Estate Conference on Friday, The Real Deal reports.
Michael says the company is looking at sale-leaseback transactions to purchase both WeWork and WeLive buildings. The company would raise funds through outside investors for its investment vehicle, similar to Blackstone Group and Starwood, instead of using its own money. This news surfaced after WeWork raised $260M in its latest round of funding, pushing its valuation to $16.9B. [TRD]
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