This article is from the Australian Property Journal archive
THE booming co-working space has witnessed a landmark takeover move, with major player WeWork acquiring Shanghai-based Naked Hub in what is believed to be a $400 million deal.
It signals a major step further into the China after its debut in the lucrative market in 2016.
Naked Hub had bought a 70% stake in Australian group Gravity in January. It was established by developer Grant Horsfield as part of luxury resort company Naked Group in 2015.
According to Colliers International, WeWork has committed to the York and George project at 379-385 George Street in Sydney, as well as HCF House at 403 George Street, and has reached heads of agreement at two other sites within the CBD. It has signed on to be the anchor tenant at Charter Hall’s redevelopment of 333 George Street.
In November, it opened its first Melbourne office over six floors in the London Stores building on Bourke Street, and its latest site in the city is across nine floors at 401 Collins Street.
Australian Property Journal
