Former Uber Technologies Inc. CEO Travis Kalanick announced via Twitter that his newly launched fund is acquiring a controlling stake in real estate company City Storage Systems for $150 million, with Kalanick taking the CEO position.
The investment is from Kalanick's new fund, 10100, that was announced earlier in March. The fund is focused on investments in real estate, e-commerce and emerging innovation in China and India.
City Storage Systems is a holding company focused on redeveloping distressed real estate assets, mainly in the parking, retail and industrial segments. Kalanick said more than $10 trillion of such assets would need to be repurposed for the digital era.
Bloomberg News reported March 21 that the investment proceeds came from Kalanick's sale of $1.4 billion worth of Uber shares in January.