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Workspace provider WeWork opens up shop in Cape Town

Jun 25 2019 16:18
Khulekani Magubane, Fin24

Workspace technology service provider WeWork announced on Monday that it would expand its services to the city of Cape Town, where it will welcome more than 590 members.

According to its website, WeWork provides office space to small businesses with technological support and other amenities included.

In a statement from the company, WeWork said it will take four of the 11 floors at a property on 80 Strand on a long lease agreement. The statement said the lease agreement includes the option to take up more space in future. It is set to open in the fourth quarter of 2019.

The announcement of the Cape Town offices comes after the company successfully opened offices in Johannesburg, which it says Naspers [JSE:NPN] is expected to move into.

Patrick Nelson, Head of WeWork’s real estate unit in Europe, the Middle East and Africa said the company has seen interest from companies of all sizes, including Naspers, who would be moving into its first location in Johannesburg later this year.

"As WeWork prepares to launch its first location in South Africa, we’re pleased to announce our expansion to Cape Town. Not only is it a flourishing city in terms of culture and opportunity, but for business, it’s a central point for entrepreneurs and large companies to be based," said Nelson.

CEO of Emira Property Fund Geoff Jennett said the co-owner of WeWork was thrilled to provide WeWork with its first Cape Town location as it was "an excellent building in a great position in the heart of Cape Town CBD".

"The joint investment of Emira and Swish in the recent upgrade of the 80 Strand building has created an ideal home for WeWork and its members in the city, and will no doubt become a bustling hub for growing businesses in Cape Town," said Jennett.

Group CEO of Swish Giancarlo Lanfranchi said both Swish and Emira chose the 80 Strand location for their own offices in Cape Town.

"We are looking forward to welcoming WeWork, its community and the fantastic energy they will add to the building and beyond. We are excited to partner with this world-leader and support this rapidly growing company in its expansion in South Africa," said Lanfranchi.

Fin24 is part of 24.com, a division of Media24, which is a subsidiary of Naspers.

wework  |  cape town  |  south africa  |  property
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