Ivanhoé Cambridge and WeWork parent agree property investment partnership
The parent of flexible office provider WeWork has launched a US$2.9bn (€2.59) investment platform to acquire and renovate commercial real estate around the world.
Canadian institutional investor Ivanhoé Cambridge is a strategic partner in the ARK venture and has itself committed US$1bn to invest jointly with The We Company or in partnership with other investors.
ARK will initially deploy US$2.9bn in total equity capital. The We Company will be the majority owner of ARK.
Former WeWork president Rich Gomel will lead the newly launched ARK platform, which will acquire, develop and manage properties, some or all of which will then be occupied WeWork. Wendy Silverstein, who was most recently CEO of New York Reit serves as CIO.
Sylvain Fortier, chief investment and innovation officer at Ivanhoé Cambridge, said: “Like The We Company, we believe there is enormous upside in disrupting traditional norms of real estate.
”We share the same vision, commitment to social responsibility, and long-term approach towards real estate making this a natural partnership and one that we are confident will be transformational for both companies.”
Gomel said: “The launch of ARK is a major milestone for The We Company and help drive growth by leveraging The We Company’s extensive real estate experience and network.”