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ARK will initially deploy approximately $2.9 billion of total
equity capital -
Platform will optimize assets and drive innovation across portfolio
through enterprise and anchor tenant strategies -
Ivanhoé Cambridge to be founding strategic partner in ARK’s new
venture
NEW YORK–(BUSINESS WIRE)–The We Company is pleased to announce the launch of ARK, its global real
estate acquisition and management platform.
An Evolution of The We Company Real Estate Investment Strategy
ARK builds on the strong foundation in real estate acquisition and
management represented by WeWork Property Advisors, an investment
advisor affiliated with The We Company and Rhône Group and will combine
with ARK as part of the launch.
ARK will focus on acquiring, developing, and managing real estate assets
in global gateway cities and high-growth secondary markets that will
benefit from WeWork’s occupancy. WeWork will deploy its
space-as-a-service model in Ark owned or operated properties for our
member companies, including our growing Enterprise business – now
representing over 40% of global memberships – in conjunction with our
anchor tenant strategy.
ARK will leverage its access to The We Company’s site selection process
and proprietary technology, as well as its relationships with partners
and enterprise member companies, to access a broad range of real estate
opportunities. ARK intends to immediately stabilize assets by executing
a proven pre-packaged business plan and will apply The We Company’s
holistic solutions for real estate owners, based on The We Company’s
established capabilities in sourcing, building, filling, and operating
properties.
Rich Gomel, Managing Partner, ARK, said: “We have seen first hand
the value that the WeWork ecosystem can create for landlords and real
estate partners. The launch of ARK will help drive growth by leveraging
The We Company’s extensive real estate experience and network. ARK has
been set up to capitalize on that opportunity and allow us to provide
different partnership options for the real estate community to
participate in the growth and expansion of the We Company.”
Ivanhoé Cambridge – Strategic Partner
ARK is also pleased to announce that Ivanhoé Cambridge, a real estate
subsidiary of Caisse de dépôt et placement du Québec and one of the
world’s largest and most highly-respected institutional real estate
investors, is providing substantial capital and support to the platform.
Ivanhoé Cambridge plans to collaborate with ARK on its real estate
acquisition and management of properties around the world, allowing the
platform to benefit from Ivanhoé Cambridge’s significant experience and
expertise in the real estate sector.
Sylvain Fortier, Chief Investment and Innovation Officer at Ivanhoé
Cambridge said: “Like The We Company, we believe there is enormous
upside in disrupting traditional norms of real estate. We share the same
vision, commitment to social responsibility, and long-term approach
towards real estate making this a natural partnership and one that we
are confident will be transformational for both companies. The We
Company brings its creative and innovative talent, along with its
technological and design expertise, which are essential to meeting the
new expectations of real estate spaces whether it is in the commercial
or residential sphere. ARK brings a strong team of acquisition and asset
management professionals and deep relationships with The We Company. I
think we will complement each other beautifully.”
Management Team and Partners
ARK will initially deploy $2.9bn in total equity capital following its
combination with WeWork Property Advisors. The We Company will be the
majority owner of ARK.
The platform will be chaired by Steven Langman, Managing Director of
Rhône Group and a member of The We Company’s Board of Directors. He will
serve as Chairman of ARK’s Management Committee and will also serve on
ARK’s investment committees.
In addition to Mr. Langman and Mr. Gomel, Wendy Silverstein, formerly of
New York Reit and Vornado Realty Trust will serve as ARK’s Chief
Investment Officer. ARK’s leadership is supported by a dedicated group
of experienced real estate professionals with diverse expertise across
real estate acquisition, development, and management.
About:
The We Company
Founded by Adam and Rebekah Neumann and Miguel McKelvey in 2010, The We
Company comprises three distinct business lines – WeWork, WeLive, and
WeGrow – that further our mission to elevate the world’s consciousness.
WeWork’s mission is to create a world where people work to make a life,
not just a living; WeLive’s mission is to build a world where no one
feels alone; and WeGrow’s mission is to unleash every human’s
superpowers. The We Company began 2019 with 425 locations in 100 cities
across 27 countries, and has over 400,000 members, which includes over
30% of the Fortune 500. For additional information, please visit www.we.co
ARK
ARK is an affiliate of The We Company and serves as its new global real
estate acquisition and management platform based in New York City. ARK’s
focus is acquiring, developing, and managing select real estate assets
in global gateway cities and high-growth secondary markets. ARK
collaborates with The We Company to apply The We Company’s existing,
new, and developing products and methods of community and space
management to ARK-owned real estate and leverage The We Company’s
relationships with partners and enterprise member companies to create
vibrant fully-programmed ecosystems.
Notes:
This press release may contain forward-looking statements, which
should not be relied upon, and may be changed. Nothing contained in this
press release should be relied upon as a promise, guaranty, or
representation as to past or future performance of any company, entity,
or vehicle or other targeted outcome. Actual events and conditions may
differ materially.
The activities described in this press release entail a high degree
of risk and no assurance can be given that The We Company’s or ARK’s or
any of their affiliates’ objectives will be achieved. Any targeted
objectives described in this press release are hypothetical in nature
and based on current beliefs, assumptions, and information, and are
shown for illustrative informational purposes only and not intended to
forecast or predict future events, which are subject to significant
economic, market and other uncertainties. Equity capital managed by ARK
is in certain instances co-managed in collaboration with other
third-party institutional managers and is subject to the terms and
conditions set out in the various definitive agreements relating to that
equity capital. Nothing contained in this press release constitutes an
offer to sell nor does it seek an offer to buy securities, or an offer
of investment advisory or investment management services, in any
jurisdiction.
Neither The We Company, ARK, nor any of their affiliates makes any
representation or warranty, express or implied, as to the accuracy or
completeness of the information contained in this press release. This
press release is not an offer to sell nor does it seek an offer to buy
securities in any jurisdiction. Recipients of this press release are
encouraged to contact the representatives of The We Company and ARK to
discuss the procedures and methodologies (including assumptions) on
which these statements are based, and should conduct their own
independent investigation and assessment and seek independent advice as
to the validity of the information contained in this press release and
its implications in light of their own particular circumstances.
Contacts
Media Contact
Dominic McMullan / Arif Shah
[email protected]
