Uber co-founder and former CEO Travis Kalanick has quietly amassed real estate empire for the last two years.
Companies tied to Kalanick’s CloudKitchens, a startup that leases affordable space to food businesses, have used more than 40 properties across the country for more than $ 130 million, the Wall Street Journal said.
Kalanick’s assets they include closed restaurants, car rentals and warehouses in cities such as Las Vegas, Nashville and Portland, Oregon.
CloudKitchens is a “ghost kitchen” operation that leases non-traditional space to businesses that want to deliver food without owning or renting their own restaurant space. It’s similar to co-working or co-living, where companies can work with landlords on flexible terms at cheaper prices.
Reef Technology and Kitchen United, behind which they stand SoftBank Group, are also emerging players in the ghost space in the kitchen.
CloudKitchens-tied companies bought a vacancy in Miami Beach in May and paid $ 6.6 million for industrial property in Queens in March, according to the Journal. (New York City Council yes debated greater supervision of these businesses.)
CloudKitchens received $ 400 million from the Saudi Arabian State Wealth Fund. The company’s acquisitions were financed by Goldman Sachs on loans.
[WSJ] – Keith Larsen