WeWork has announced that it has regained 100% control of its operations in Brazil. The company reported that the Administrative Council for Economic Defense (CADE) approved the purchase of the remaining 49.9% of its Brazilian subsidiary, which was previously controlled by the SoftBank Latin America Fund. 

Until now, the company’s operations in Brazil were shared between WeWork Inc. and SoftBank. John Santora, WeWork’s Global CEO, highlighted that this reintegration creates new opportunities for the company in Brazil and Latin America. 

“The successful integration of our Brazilian operations will open new opportunities in a strategic region for the company while providing a smoother experience for our members looking to expand and grow in LATAM,” said Santora. 

According to data from SiiLA’s Market Analytics, WeWork holds 147 thousand m² of A+, A, and B-grade office space in cities analyzed by the platform. In mid-August last year, several landlords of properties occupied by WeWork began filing eviction notices due to unpaid rent. 

• Read more: In crisis, WeWork may impact vacancy rates in Brazil; at least six FIIs admit dealys in rent payment

Since then, the company has been renegotiating its debts and reducing its footprint. SiiLA has already tracked WeWork’s exit from several properties. In São Paulo, some of the most significant space reductions include 3 thousand m² in Block C of the 555 building in Pinheiros and 2 thousand m² at Oscar Freire 585 in Jardins, which is part of the Vinci Offices fund portfolio.