Prop. Notes: WeWork, Bakelite telephones and London tribes – The Property Chronicle
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Prop. Notes: WeWork, Bakelite telephones and London tribes

Prop. Notes

In my previous life as a RE Fund Manager, I was not very interested in meeting other professional investors. But one of the best bits about being proprietor of The Property Chronicle is that I get to meet with, and hear what is on the minds of, very senior, very smart buyside types and their consiglieres. In recent weeks, a couple of topics have cropped up frequently.

WeWork. I have lost count of the number of times I have heard, “Of course, this is not just hindsight, but…” What follows 

is a look of incredulity that anyone could have bought the assertion that the WeWork model was new, let alone its Pre/non IPO valuation. One potential investor told me that he was summoned by the WeWork bankers to attend the court of Adam Neumann at, where else, 

The Ned, only for 55 minutes of the hour-long meeting to be taken up with Neumann recounting his life story. Another tells me that WeWork’s fundraising problems were partly, but notably, semantic. WeWork’s own insistence on being described as a tech company meant it did not quite fit her pure, RE investment mandates. Problem was, her tech colleagues felt the same.

Prop. Notes

About Stephen Yorke

Stephen Yorke

After Cambridge University and a few years at the Commercial/Chancery Bar, Stephen spent two years in John Major’s Political Office at Number 10. He then laboured on the FX/ Bond trading floors of two investment banks during the 1990s. In 2004 he founded (and ran until this year) a small Real estate Fund management company. In 2017 he founded 'The Property Chronicle' and is now a new boy publisher.

Articles by Stephen Yorke

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