WeWork acquires London asset from Oman SWF

WeWork Property Investors, a fund run by WeWork, has acquired an office property in London from Oman's sovereign wealth fund.

Financial details were not disclosed, but well-informed sources place the deal volume in the £65 mln (€73 mln) range.

THe 91,000 ft2 (10,000 m2) asset at 99 Queen Victoria Street was acquired by the Oman State General Reserve Fund in 2015.

Sumitomo Mitsui Banking is the principal tenant, occupying 86,000 ft2 of the space. The bank's tenancy is due to expire in 2026, with a lease break in 2021.

Global property firm Hines began construction of the asset in the summer of 2002, completing it in August 2004. In 2005, the developer fully leased the asset, before selling it to the Oman fund.

The WeWork deal comes as the flexible office specialist seeks to expand its owned footprint. In May of this year, the co-working giant launched a $2.9 bn (€2.6 bn) investment business dubbed Ark to own and redevelop commercial real estate across the globe.

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