WeWork is trying to go public again, this time via a SPAC.
Below is a link to their investment deck. Lots of interesting data.
The company lost $1.7bn last year but expects things to improve as normal conditions return.
They believe a WeWork solution would save 26% vs. the cost of traditional real-estate.
The transaction puts enterprise value at $9bn or 6.6x adjusted 2023E EBITDA.
There are a lot of adjustments to EBITDA that need to be looked into and SPAC transactions have issues, but on the surface that looks a lot more reasonable than the peak valuation of $47bn.
Brookfield have declared a 7.3% stake in British Land (BLND) – the UK property company.
This is interesting as Brookfield in the early 2000s bought a stake in Canary Wharf Group eventually, in 2014, taking it over (together with QIA via Songbird).
