WeWork emerges from bankruptcy.

The new WeWork group operates globally across 4.5 million m2 and approximately 600 locations, in 37 countries. Europe counts for 15 to 20% in the whole WeWork network.

The new majority owner, the Yardi group (which is a Ruby sponsor of the upcoming Coworking Europe 2024 conference, in Sofia), is pouring U$337 Mio into WeWork. Yardi’s founder, Anant Yardi, will take the helm of the coworking operator.

“We initially formed a technology partnership with WeWork in 2022 with the launch of the WeWork Workplace app, which enables companies and employees to seamlessly work in traditional leased and owned office buildings, flex and coworking spaces, or their homes, explains a Yardi press release. Since then, we have been highly involved in scaling and developing this software and additional WeWork technology services.”

“Yardi plans to steer WeWork towards targeting small businesses and incorporating hotel-like technologies such as real-time bookings.”

The new WeWork will be debt-free. The company reduced its total future rent expenses by approximately $12 Bio or over 50%, says a WeWork press release.