🧠 Watchlist Winners: Copy Legendary Investors' Portfolios in One ClickCOPY FOR FREE

Brazil's HBR Realty files eviction action against WeWork

Published 09/03/2024, 09:01 AM
Updated 09/03/2024, 10:35 AM
© Reuters. FILE PHOTO: A WeWork logo is seen outside its offices in the Queens borough of New York City, U.S., November 7, 2023. REUTERS/Shannon Stapleton/File Photo

SAO PAULO (Reuters) -Brazilian real estate firm HBR Realty said on Tuesday it has filed an eviction action against WeWork due to lack of payment, although the flexible workspace provider denied knowing about such a notice.

The eviction action followed a "breach of the lease agreement" signed between WeWork and SPE HBR1, a unit of HBR, for the rental of the HBR Corporate Faria Lima building in Sao Paulo, HBR said in a securities filing.

HBR did not detail how much WeWork owed it but said it had sent notices to the company requesting immediate payment of overdue rent.

In a response to a Reuters request for comment, the workspace provider said it was not aware of any eviction notice and that it was fully operating in all of its buildings in Brazil.

© Reuters. FILE PHOTO: A WeWork logo is seen outside its offices in the Queens borough of New York City, U.S., November 7, 2023. REUTERS/Shannon Stapleton/File Photo

"Negotiations are already resulting in agreements with our landlords and we remain committed to providing the excellent service our members expect," WeWork said.

Brazilian media reported in July that WeWork hired law firm Alvarez & Marsal to help restructure its business in Brazil, after the U.S.-based firm received approval for a Chapter 11 bankruptcy plan in May.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.