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WeWork and SiSebenza Announce Franchise Partnership for WeWork South Africa
Rhea-AI Impact
(Neutral)
Rhea-AI Sentiment
(Very Positive)
Tags
partnership
Rhea-AI Summary
WeWork Inc. (NYSE: WE) has formed a franchise partnership with SiSebenza, granting them exclusive rights to operate and expand WeWork locations in South Africa, Ghana, Kenya, Mauritius, and Nigeria. This partnership aims to leverage SiSebenza's local market expertise to meet the rising demand for flexible workspaces amid an evolving work environment. WeWork has already established a presence in South Africa since 2019, with locations in Johannesburg and Cape Town. The collaboration is set to tap into significant market opportunities while enhancing WeWork's growth strategy in Africa.
Positive
Formation of a franchise partnership with SiSebenza enhances market presence in Africa.
Exclusive rights granted to SiSebenza for WeWork locations in South Africa and four other African countries.
Utilization of local expertise by SiSebenza to drive growth in the region.
Negative
None.
NEW YORK--(BUSINESS WIRE)--
WeWork Inc. (NYSE: WE) (“WeWork”), the leading global flexible space provider, today announced a franchise partnership with SiSebenza, a pan-African real estate investor, giving SiSebenza the exclusive right to operate WeWork’s existing locations in South Africa. The deal also grants SiSebenza exclusive rights to grow and operate the WeWork franchise in Ghana, Kenya, Mauritius and Nigeria.
The franchise partnership combines the strength of WeWork’s brand and product with SiSebenza’s proven local operating expertise. WeWork opened its first South Africa location in 2019 at WeWork The Link in Johannesburg, followed by WeWork 80 Strand in Cape Town and WeWork 155 West Street in Sandton, Johannesburg. WeWork has since seen strong demand from companies seeking flexible space solutions - this partnership will power growth and unlock the significant market opportunity in the region.
Sandeep Mathrani, CEO and Chairman, WeWork said: “Today’s announcement demonstrates our continued progress in pursuing asset-light growth where local capital and expertise strengthen our business. With its in-depth understanding of the market, SiSebenza will build on WeWork’s success in South Africa and power its growth across the continent. This partnership enables us to simultaneously meet the growing demand for more flexible space solutions whilst further strengthening our underlying business.”
As companies continue to adapt to a new world of work, businesses are increasingly looking to incorporate co-working, flexible and shared office spaces into their operating models. Particularly against the backdrop of an uncertain economic environment, WeWork’s flexible products provide employers with an alternative to the long-term, fixed costs of traditional office space while also offering employees - from freelancers to large enterprises - an environment for enhanced employee engagement and collaboration. SiSebenza has on-the-ground real estate experience and knowledge from across the African continent so is well placed to expand WeWork’s South African footprint and drive its entrance into the wider African market.
“SiSebenza has collaborated with WeWork in South Africa for five years. We’re excited to now be their partner for the African continent and build the business into Africa’s market leader,” said SiSebenza founder Andrew Robinson. “SiSebenza knows Africa well. We have a long track record of doing business across the continent and understand that each of its countries operate differently. We are excited to be the team that brings new and inspiring workspaces to Africa that meet each geography’s unique needs and wants.”
WeWork offers members of all sizes, from small startups to large enterprises, private office space and suites, as well as space for members using WeWork All Access, the company’s subscription membership that provides access to hundreds of WeWork locations across the globe, and WeWork On Demand, which offers pay-as-you go access to workspaces and meeting rooms in nearly 320 locations globally. WeWork’s space management solution, WeWork Workplace, provides companies with a universal platform that enables inventory management across office spaces, enhanced employee experiences and space optimization through insights and analytics.
About WeWork
WeWork (NYSE: WE) was founded in 2010 with the vision to create environments where people and companies come together and do their best work. Since then, we’ve become one of the leading global flexible space providers committed to delivering technology-driven turnkey solutions, flexible spaces, and community experiences. For more information about WeWork, please visit us at wework.com.
About SiSebenza
SiSebenza works in partnership with large, successful, well-funded global unicorns and minotaurs, bringing them into the exciting and complex African market. These global companies bring innovative business models and opportunities and we provide capital, infrastructure, local expertise, established and powerful networks. www.sisebenza.com
