U.S.-based shared workspace provider, WeWork, has announced plans to expand its operations to Johannesburg, South Africa.
The New York-based company which specialises in creating office spaces for different types of needs and jobs revealed they would be launching the new location later this year.
WeWork will be backed by SoftBank Group Corp, a Japanese company and will team up with a South African real estate company; Redefine Properties to open the first location in Johannesburg suburb’s Rosebank.
According to a reliable source, Softbank Group Corp and WeWork will have an agreement on revenue sharing. This means that the rent would depend on the revenue it generates from subletting the space. The move by the workspace provider will mark their first African expansion.
Eugen Miropolski, the Managing Director of WeWork, said, “Expanding here is an obvious choice for us: it’s our first location in Africa and, with its global outlook, South Africa is the gateway to the rest of the continent.”
Eugen further revealed that they are excited to welcome new members and anticipate that they will grow a community in South Africa.
Earlier, WeWork had made known their plans to expand their footprints across Africa adding that they have seen great potential to grow in the region.
WeWork is an American company that was founded in 2010 which specialises in providing shared workspaces for a technology startup, subculture communities as well as services for The model is being rolled out to landlords and is expected to become increasingly common for the company, the source said.
The company recently announced it has succeeded in owning its Head quarter’s property. It purchased the property from Hudson’s Bay Company at a cost of USD 850 Mn.
Featured Image Courtesy: WeWork.com
Did you know: Over $725.6 Mn was invested in Africa in 2018.
Keep tabs on the Venture Capital Landscape of Africa with the VC Report 2018 by WeeTracker. Find out the Latest Fundings, Top Investors, Leading Sectors & much more..
Made with ❤ in Africa