CDPQ invests in WeWork property platform
Launch of new ARK garners US$1bn.
The We Company, parent of workspace provider WeWork, said on Wednesday it has created a US$2.9 billion real estate investment platform with funding from one of Canada’s largest pension funds, building on ties with private equity firm the Rhone Group.
The platform, called ARK, has gained US$1 billion from Canada’s Ivanhoe Cambridge, the property arm of Caisse de dépôt et placement du Québec, the Montreal-based company said.
WeWork, founded in 2010, is now New York’s largest tenant as it leases space from landlords to clients ranging from startups to Fortune 500 companies on a short-term basis.
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