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WeWork Venture Pays $826 Million for London Offices

Devonshire Square in London
Devonshire Square in LondonPhotographer: Chris Ratcliffe/Bloomberg

WeWork Cos. and two other companies paid about 580 million pounds ($826 million) for an office complex in the City of London district, two people with knowledge of the deal said.

WeWork has begun purchasing buildings as it seeks to diversify its global portfolio of short-term co-working spaces, which are mainly leased from landlords on long-term rental agreements. The company will own 10 percent of Devonshire Square Estate, while TH Real Estate and Denmark’s PFA Ejendomme A/S will hold 45 percent each, one of the people said. Both asked not to be identified because the details are private.