WeWork, the office-sharing start-up valued at $20bn, has taken a £58m stake in the sprawling Devonshire Square complex in the City of London.
The US company, which is backed by Softbank’s vision fund, has been in talks with private equity firm Blackstone about buying its 620,000 square foot Devonshire Square site for £580m since autumn last year, according to two people familiar with the matter.
It will take a 10% stake in the property, while fund manager TH Real Estate and Danish pension fund PFA Ejendomme will own 45% each.
WeWork, which this year became the largest corporate office occupier in central London, will occupy about a third of the floorspace.
