A fund tied to beleaguered flexible office giant WeWork has lost control of its last remaining London property after breaching its banking covenants. The building near the Monument in the City of London was owned by WeWork Capital Advisors, which had repeatedly attempted to sell the property over the past two years, the people said, asking not to be identified as the process was private. The fund is independent of WeWork, though the office company invested in it.
Spokespeople for Deutsche Bank and WeWork declined to comment. WeWork Capital Advisors did not immediately respond to a request for comment. Brokers were originally instructed to sell the property, which is rented to WeWork, for about £125 million in 2022. Another attempt was made last autumn with a price tag of about £70 million, the people said.
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