Traveler-focused coworking startup Selina Ltd. is working with Bank of America Corp. to collect $500 million for a U.S. real estate-focused fund, Bloomberg News reported, citing President Yoav Gery.
The investment vehicle, along with debt financing, will wield about $1 billion to acquire or lease U.S. real estate and cover property conversion expenses, Gery said.
Selina's investors include Access Industries; Colony Latam Partners; and Adam Neumann, the co-founder and former CEO of coworking giant WeWork Cos. Inc. Neumann injected $95 million of capital into the company with The Abraaj Group in a funding round in April 2018.
The startup is looking for an executive to oversee the new fund, which plans to close by the first half of 2020, the report noted. If the U.S. fund is successful, it could raise a pan-European fund to boost its business in that region, Gery added.
