Adam Neumann, the co-founder and former CEO of WeWork, has taken another major step in expanding his real estate empire through Flow by acquiring a 30% stake in Israel’s Canada Global, valued at NIS 99 million, while simultaneously announcing a partnership to build three residential buildings in Riyadh, Saudi Arabia, as part of its growing global portfolio.
The acquisition of Canada Global places the company’s post-investment valuation at NIS 340 million, marking Flow’s entry into the Israeli market. The controlling owners of Canada Global, Assaf Tochmeir and Barak Rosen, will retain 60 percent of the company, while Assaf Rappaport, founder of tech company WIZ, along with the public, will hold the remaining shares.
“The investment in Canada Global establishes a strategic partnership between Flow and Canada Global, aiming to create and develop world-class real estate projects outside of Israel, starting in the United States,” Neumann said.
This acquisition is part of Flow’s rapid expansion into international markets. The partnership for three residential buildings in Riyadh, Saudi Arabia, set to house 920 units, aligns with Flow’s community-driven residential model and reflects its ambition to enter new global markets.
US expansion
Flow’s existing real estate portfolio includes six buildings in the US, and the company plans further expansion by early 2025. With its involvement in Canada Global, Flow will also oversee all of Canada Global’s real estate activities outside of Israel, creating a synergistic partnership aimed at delivering high-end, community-focused residential developments.
Tochmeir and Rosen see tremendous potential for expansion, particularly in the US, with Florida identified as a key region for future growth. “We are excited to work alongside Canada Global to offer Flow’s community-driven residential experiences to more people around the world,” Neumann added.
Canada Global, traded on the Tel Aviv Stock Exchange, saw its valuation rise from NIS 167 million to NIS 340 million following Flow’s acquisition. Together, the two companies will collaborate on property development, planning, acquisitions, and asset management, focused on building impactful real estate projects internationally.
This article was originally published at www.jpost.com
