WeWork completes lease negotiations with Singapore landlords, targets May 31 to emerge from bankruptcy
Global versatile work space service provider WeWork has publicized that it has concluded a set of contract agreements with its Singapore workplace landlords. This completes the realty rationalisation exercise of its Singapore profile that started last September.
Hidalgo adds: “Singapore has actually been, and are going to remain to be, a top priority market for WeWork, and we are delighted to commit further down the road of service through our goods and member experience.”
In other key markets, WeWork states that it has made “substantial” progress in its ongoing financial restructuring in the US and Canada, and has already finished lease contract arrangements on 90% of its global real estate profile. The firm has intended May 31 to emerge from consumer bankruptcy protection.
In Singapore, this rationalisation activity did not see the co-working manager prematurely finish any of its office space lease contract, and the company states that it intends to continue to be in its existing structures in the city-state for the near future. WeWork manages 14 locations in Singapore, and its largest space is the 21-storey, Grade-An establishment at 21 Collyer Quay that is contracted from CapitaLand Integrated Commercial Trust.
The business embarked on a global realty rationalisation method in September last year, right before the company filed for bankruptcy proceeding in the United States two months afterwards in November 2023. “The restructuring efforts we have completed stand WeWork as the top property associate to property owners and members for the long term,” states Claudio Hidalgo, WeWork’s COO.
” Singapore has far-off been a center for global companies that are take advantage of our system to support their growths, along with fast-moving SMEs and startups that use our regional network to scale their operations,” says Balder Tol, general manager, Australia & Southeast Asia, WeWork.