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WeWork woes, pandemic and Devonshire Club administration hit Devonshire Square CMBS

Increased vacancy and likely fall in income from major tenant and part owner WeWork has driven 35% decline in rental income at prime City estate

The collapse into administration of the Devonshire club in tandem with the diminishing aspirations of its biggest tenant WeWork and the impact of the pandemic have led to a ratings cut for the securitisation of one of the City of London's most prime schemes - Devonshire Square.

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