WeWork completes lease negotiations with Singapore landlords, targets May 31 to emerge from bankruptcy

The business commenced an international property rationalisation process in September in 2023, right before the company applied for bankruptcy proceeding in the US two months afterwards in November 2023. “The restructuring initiatives we have completed position WeWork as the leading realty partner to property owners and members for the long-term,” states Claudio Hidalgo, WeWork’s COO.

” Singapore has long been a core for multinational firms that are take advantage of our system to uphold their growths, along with fast-moving SMEs and startups that tap into our regional network to balance their tasks,” mentions Balder Tol, general manager, Australia & Southeast Asia, WeWork.

In many other primary markets, WeWork claims that it has made “substantial” development in its continuous economic rebuilding in the United States and Canada, and has already completed contract arrangements on 90% of its overseas realty account. The business has aim for May 31 to emerge from case of bankruptcy cover.

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Global flexible work area provider WeWork has recently publicized that it has indeed concluded a series of lease arrangements with its Singapore office proprietors. This wraps up the real estate rationalisation exercise of its Singapore portfolio that started off last September.

In Singapore, this rationalisation activity did not see the co-working operator prematurely conclude any one of its office contract, and the company claims that it prepares to remain in its current structures in the city-state for the near future. WeWork runs 14 places 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.

Hidalgo includes: “Singapore has actually been, and are going to still be, a top priority market for WeWork, and we are thrilled to invest better in the future of work through our products and member experience.”


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