Companies associated with Kalanick have spent over $ 130 million to quietly create a mini-empire in real estate, according to the publication.
Uber co-founder Travis Kalanick has spent over $ 130 million buying real estate for his startup CloudKitchens. writes WSJ citing Reonomy commercial real estate database. The publication found that companies associated with Kalanick bought more than 40 properties in about 20 US cities.
CloudKitchens builds and rents premises equipped for restaurants that only work for delivery. The former head of Uber bought premises for “cloud kitchens” including Portland, Las Vegas, Nashville, Miami and New York, writes WSJ. Kalanick plans to convert former warehouses, auto repair shops and furniture stores into kitchens.
For example, in May 2020, organizations associated with CloudKitchens bought a restaurant in Miami for $ 9.2 million, and in March – industrial property in New York for $ 6.6 million, the newspaper found.
About CloudKitchens Kalanick was known before, but the media for the first time became aware of information about the amount of real estate of the company and about the money that the startup spends on it. The confidentiality of real estate transactions leaves competitors in the dark about the company’s expansion plans, writes WSJ. The startup was turned down by WSJ.
- Travis Kalanick gone from his post as CEO of Uber in June 2017 amid scandals over driver surveillance and harassment.
- In March 2018 he bought control in CloudKitchens for $ 150 million.
- Kalanick invested his own $ 200 million in the startup from the sale of Uber shares, wrote WSJ.
- In 2018 CloudKitchens attracted $ 400 million from Saudi Arabia’s National Wealth Fund. The startup was valued at $ 5 billion.
- WSJ writes that Kalanick received loans worth several million dollars from Goldman Sachs to develop the company.