WeWork teams up with two investors to buy City of London’s Devonshire Square for around £580m | City A.M.
The company has bought up Devonshire Square in a deal with two investors, The Times reported today.
WeWork joined forces with Danish pension fund PFA Ejendomme and property investment managers TH Real Estate to buy the 13-building estate for £580m from Blackstone.
The sale should add up to a tidy profit for Blackstone, which bought the complex for just under £340m in 2012, below the £410m paid by previous owner Rockpoint.
The 620,000 sq ft site is near Liverpool Street Station and includes some buildings which were originally East India Company warehouses
The acquisition is the latest in a series of expansion moves across the capital for WeWork as demand for flexible co-working spaces soars. The company is now the biggest private occupier of office space in London.
Most recently, the group launched its own UK education offering in association with coding school Flatiron. The programming courses, run from the Finsbury Pavement WeWork, offer £1m in scholarships to help underrepresented groups get into coding.
It also emerged last month that the company was considering moving into Debenhams on Oxford Street as the retailer looked to make better use of floorspace.