WeWork signs office deal with Commonwealth Bank of Australia

BENGALURU: At a time when companies are shrinking offices following the Covid-19 crisis,WeWorkIndia is close to signing a 2400 seats office deal with Commonwealth Bank of Australia.



The office space will come up at WeWork’s Manyata tech park facility in Bengaluru. "The workspace will be fully fitted by WeWork and has a 4 years lock-in period,” said three people aware of the deal.


The Commonwealth Bank of Australia went live withTata Consultancy Services,BaNCSplatform in 2010 that supported its first Indian branch in Mumbai. The new office space at WeWork will function as shared services centre for CBA Services India catering to US, Australia and Asian markets.


Last year, Commonwealth Bank of Australia appointed industry veteran Pankajam Sridevi as MD India to scale up business. WeWork India did not comment on the deal.


Separately, WeWork India is reviewing and modifying spaces in common areas and conference rooms at its properties to ensure social distancing norms. The company is ensuring a minimum of 6ft distance between two people across its properties.


WeWork India, a fully-owned subsidiary ofEmbassy GroupHad earlier told ET that it plans to raise $200 million (about Rs 1,421 crore) to expand its India operations. The company currently has 40,000 members and 57,000 desks in 34 locations.


Since the launch of the American shared workspaces provider in India, the Bengaluru-based Embassy Group has invested Rs 1,500 crore in the WeWork affiliate. It currently operates desks across the top six markets in the country, including Bengaluru, Gurgaon and Mumbai.


The company holds the franchise for WeWork in India till the end of 2021. It would like to retain the brand but WeWork global holds the first right of refusal and can buy the Indian realty developer out.


Embassy Group had paid around $200 million for the franchise two years ago. Currently, the developer holds 80% stake in the franchise.


Source: https://realty.economictimes.indiatimes.com/news/commercial/wework-signs-office-deal-with-commonwealth-bank-of-australia/76102603

May 30, 2020

2 views
Mindcept-Logo.png

© MINDCEPT CONSULTING

  • Black LinkedIn Icon

DISCLAIMER: The information contained in this website is offered for illustration purposes only and is general information. We make no representations or warranties of any kind (express or implied) with respect to the information, products, services, statements, figures, calculations, plans, images, logos, related graphics and are purely indicative in nature only. Whilst all reasonable care has been taking in providing all information, however, We or / and our related companies or/ and our representatives, consultants or / and our agents accept no responsibility for its completeness, accuracy, reliability, suitability or availability of any information contained herein for any action taken in reliance thereon by any party. Any reliance on information as contained in this website does not constitute an offer, inducement, representation, warranty or contract and may be relied upon at one’s risk and consequences.