WeWork has raised a fresh slug of equity for the fund it is using to make real estate acquisitions.
According to filings made with the U.S. Securities and Exchange Commission, WeWork raised $341M of fresh equity for WeWork Property Investors last week. The equity takes the total amount raised by the fund to $747M.
With the equity, WeWork has the ability to become a significant owner as well as occupier of real estate. So far its buying has been focused on New York and London.
Last month the fund completed its largest deal to date, the $850M purchase of the Lord & Taylor department store building on Fifth Avenue in New York.
That deal was completed using $600M of debt, provided by a consortium including JP Morgan and Starwood Property Trust. Another $300M of debt will go to refurbishing the building, which will become WeWork’s HQ.
In London, WeWork also brought in equity partners as well as using debt to make its equity go further. In April 2018 the company completed a deal to buy Devonshire Square, a 620K SF office complex in London, from Blackstone for £580M ($770M).