WeWork’s investment arm, WeWork Capital Advisors, has exchanged on 99 Queen Victoria leaving it owning just one office building in London. The quoting price was around £70 million, same as it paid in 2019. Exchange with Fidelity was at around £48 million. The building comprises 88,500 sq ft and was sold with full vacant possession.
WeWork began exiting much of its London office portfolio more than a year ago, most recently selling Film House, 140 Wardour Street, part of its Film House development in Soho. At the end of last year WeWork Capital Advisors also sold its 10% ownership stake in Devonshire Square.
WeWork Capital Advisors retains London property at 51 Eastcheap, which it occupies. WeWork Property Investors bought it for £47 million. It has marketed the building for sale previously, and it is thought it will consider a sale after re-negotiating the lease as part of its ongoing global lease negotiations.
During the course of its investment history, WeWork launched Ark, in May 2019, with an initial $2.9, using its previous move into real estate acquisition and management, WeWork Property Advisors, as its platform. WPA was an investment adviser affiliated with the parent company and Rhône Group that had been investing under the joint venture co-mingled fund WeWork Property Investors. The investment arm is now called WeWork Capital Advisors or WeCap, and is reportedly 80% owned by WeWork and 20% by Rhône.
The latest update on Companies House for WeWork Capital Advisors UK says its accounts for the period to 31 December 2022 were due on 30 September 2023 and are overdue.