WeWork teams with pan-African real estate investor SiSebenza, no terms

WeWork 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.