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

The company started a global real estate rationalisation process in September last year, just before the company applied for bankruptcy proceeding in the US 2 months afterwards in November 2023. “The restructuring attempts we have completed position WeWork as the top property associate to landlords and members for the long-term,” states Claudio Hidalgo, WeWork’s COO.

Global flexible work area company WeWork has declared that it has indeed concluded a set of contract agreements with its Singapore workplace property managers. This completes the real estate rationalisation exercise of its Singapore account that started off past September.

In other key industry, WeWork claims that it has actually made “substantial” development in its recurring financial restructuring in the United States and Canada, and has already finished lease contract settlements on 90% of its overseas real estate profile. The company has aim for May 31 to come out from case of bankruptcy cover.

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In Singapore, this rationalisation activity did not see the co-working manager prematurely end any of its office space contract, and the firm claims that it plans to continue to be in its existing buildings in the city-state for the foreseeable future. WeWork manages 14 locations in Singapore, and its biggest area is the 21-storey, Grade-A building at 21 Collyer Quay that is rented from CapitaLand Integrated Commercial Trust.

Hidalgo includes: “Singapore has been, and will definitely remain to be, a priority market for WeWork, and we are delighted to commit further down the road of work through our goods and member experience.”

” Singapore has far-off been a center for global corporations that are make use of our network to uphold their expansions, in addition to fast-moving SMEs and startups that use our regional network to scale their operations,” says Balder Tol, general manager, Australia & Southeast Asia, WeWork.

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