WeWork Global has successfully completed the restructuring of its wholly-owned portfolio and emerged from Chapter 11 in the US.
WeWork South Africa, which is 100% independently owned, operates separately from WeWork in the US and Canada and was not affected by the Chapter 11 process that has been underway in the US for the past nine months.
“While WeWork South Africa operates independently from WeWork Global, its strengthened capital structure and optimised real estate portfolio will benefit the entire ecosystem,” says Stefano Migliore, CEO of WeWork South Africa, regarding the global announcement. “Through this process, WeWork Global has achieved extraordinary outcomes by completing a historically large and complex restructuring.”
With its restructuring complete, WeWork Global has also appointed a new CEO – John Santora, former Tri-State Chairman at Cushman & Wakefield – to lead the company in its next chapter.
Andrew Robinson, executive director at WeWork South Africa, notes that WeWork Global’s newly optimised portfolio is an asset to local South African members of WeWork.
“WeWork operates globally across a portfolio of over 4-million square metres and approximately 600 locations in 37 countries. The reorganisation of the global business means that our South African members will continue to benefit from this access. In addition, as global office demand continues to move toward flexible solutions, our current and future landlords are guaranteed that WeWork South Africa is well-positioned to capitalise on the technology, data and community support needed to create truly outstanding flexible office solutions.”