Aviva Investors is the latest property investor to enter into a lease and revenue-share agreement with flexible workspace provider WeWork.
WeWork has agreed to lease three floors at 50/60 Station Road office in Cambridge, developed by Aviva Investors and Brookgate.
The agreement, a first for WeWork outside of London within the UK & Ireland, follows similar deals that it has entered in London and in other markets across the world, allowing landlords the opportunity to share in the upside that WeWork generates, the companies said in a joint statement.
In April last year, Denmark’s PFA partnered with Nuveen Real Estate (formerly TH Real Estate) and WeWork to invest in a London office asset.
WeWork also has revenue-sharing agreements with Daman Land in Malaysia Fung Group in Shanghai.
Patrick Nelson, head of WeWork EMEA real estate said: “We’re pleased to announce that we’re working with Aviva Investors on this new location, offering both parties a share of future revenue.
“At WeWork, we have the brand value, the global footprint, and the member base to make revenue share locations a success, and so agreements like this make perfect sense.
Melanie Collett, head of real estate asset management at Aviva Investors, said: “The increased demand for flexible office space is one of the most exciting changes taking place in the industry and one we are embracing across our office portfolio.
“We are therefore pleased to enter into this innovative partnership with WeWork, which has built a reputation as the market leader in the provision of shared workspaces.”
