Uber founder karanik $130 million real estate: shared kitchen

category:Internet
 Uber founder karanik $130 million real estate: shared kitchen


Travis kalanick, the co-founder and former chief executive of Uber, has been quietly building a mini real estate empire for the past two years: buying closed restaurants, car repair shops and warehouses for him to use in his ghost kitchen business, according to the Wall Street Journal.

Cloud kitchens, kalanicks start-up, has bought more than 40 properties in nearly two cities for nearly $130 million, according to commercial real estate database reonomy.

Cloud kitchen, also known as shared kitchen, is also called Wework of catering industry by foreign media. The company buys or rents idle property, transforms it into a kitchen, and then rents it to a takeout only restaurant. At the same time, it will also be transformed into a self operated take out restaurant.

Wall Street reported that kalanicks acquisition was a big bet in the takeaway industry. Cloud kitchen has been around for many years, and has successfully raised hundreds of millions of dollars, and has built a business of billions of dollars through the rental of real estate. Kalanek is not the only Uber in the industry. Virtual kitchen, co founded by former Uber executives Ken Chong and Matt Sawchuk, filed with the U.S. Securities and Exchange Commission last month, showing it has raised about $20 million. Reef technology and kitchen united, invested by Softbank group, are also in this emerging industry.

The Wall Street Journal commented that kalanicks competitors rarely acquired real estate. They usually sign a lease or revenue sharing agreement with the landlord, so that the company can expand faster. However, kalanicks strategy of purchasing real estate has market risks. Only when the real estate price rises in the near future, can it have a return. But kalanek is not short of money. Last year, cloud kitchen raised $400 million from Saudi Arabias sovereign wealth fund. In addition, real estate records show that Goldman has been financing the acquisition and development of cloud kitchen with millions of dollars in loans. Kalanek, 44, was involved in the creation of Uber. In 2017, under pressure from investors, kalanick resigned as chief executive of Uber. Last year, kalanick sold all of his shares in Uber for more than $2.7 billion. Source: surging news editor: Wang Fengzhi_ NT2541

The Wall Street Journal commented that kalanicks competitors rarely acquired real estate. They usually sign a lease or revenue sharing agreement with the landlord, so that the company can expand faster. However, kalanicks strategy of purchasing real estate has market risks. Only when the real estate price rises in the near future, can it have a return.

But kalanek is not short of money. Last year, cloud kitchen raised $400 million from Saudi Arabias sovereign wealth fund. In addition, real estate records show that Goldman has been financing the acquisition and development of cloud kitchen with millions of dollars in loans.

Kalanek, 44, was involved in the creation of Uber. In 2017, under pressure from investors, kalanick resigned as chief executive of Uber. Last year, kalanick sold all of his shares in Uber for more than $2.7 billion.