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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  HSBC Holdings Plc    HSBA   GB0005405286

HSBC HOLDINGS PLC

(HSBA)
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WeWork to lease 21-storey prime office tower in Singapore

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07/16/2019 | 09:23pm EDT
The WeWork logo is displayed on the entrance of a co-working space in New York

SINGAPORE (Reuters) - Singaporean office landlord CapitaLand Commercial Trust said on Wednesday it entered into an agreement under which co-working space firm WeWork will lease an entire 21-storey building in the city-state's financial district.

The lease with WeWork will start in the second quarter of 2020 for seven years, CCT said in a stock exchange filing, adding that the building will become WeWork's largest workspace in Singapore.

The office tower, 21 Collyer Quay, is currently leased to The Hongkong and Shanghai Banking Corp Ltd under a lease that will expire in April 2020, according to CCT. The building has a net lettable area of about 200,000 square feet.

The deal is another example of how flexible workspace operators have become a major source of demand for office space in major cities and technology hubs globally. WeWork currently has 11 centres in Singapore, according to its website.

In New York, WeWork, founded in 2010, has become the largest tenant of Manhattan office space as it leases space from landlords to clients ranging from startups to Fortune 500 companies on a short-term basis.

(Reporting by Aradhana Aravindan; editing by Richard Pullin)

Stocks mentioned in the article
ChangeLast1st jan.
CAPITALAND COMMERCIAL TRUST 0.48% 2.08 End-of-day quote.18.86%
CAPITALAND LIMITED -0.58% 3.4 End-of-day quote.9.32%
HSBC HOLDINGS PLC 1.00% 597.2 Delayed Quote.-7.68%
PRIME OFFICE A/S 1.72% 177 Delayed Quote.34.09%
WORKSPACE GROUP PLC 0.81% 813.5 Delayed Quote.2.52%
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Financials (USD)
Sales 2019 55 723 M
EBIT 2019 22 704 M
Net income 2019 14 553 M
Debt 2019 -
Yield 2019 7,03%
P/E ratio 2019 10,3x
P/E ratio 2020 9,97x
Capi. / Sales2019 2,63x
Capi. / Sales2020 2,55x
Capitalization 146 B
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Mean consensus HOLD
Number of Analysts 25
Average target price 8,25  $
Last Close Price 7,25  $
Spread / Highest target 50,6%
Spread / Average Target 13,8%
Spread / Lowest Target -7,33%
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Managers
NameTitle
John M. Flint Group Chief Executive Officer & Executive Director
Mark Edward Tucker Non-Executive Group Chairman
Andrew Mitchell Maguire Group Chief Operating Officer
Ewen James Stevenson Executive Director & Group Finance Director
Darryl West Chief Information Officer
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