Japan’s SoftBank, its Saudi-backed Vision Fund and the Singapore sovereign wealth fund Temasek are ploughing money into a WeWork subsidiary in China, lifting its value fivefold to $5bn.
The $500m investment round also drew the backing of private equity firms Trustbridge Partners and Hony Capital, according to people with knowledge of the deal.
A year ago a similar $500m funding round, led by SoftBank and Hony Capital valued the China subsidiary at $1bn.
The shared office space provider has become a giant in the global property market, buying or leasing landmark buildings including the Lord & Taylor department store on Manhattan’s Fifth Avenue and One Poultry in the City of London. It is also seeking to lease the century-old Flatiron Building in New York.