Travis Kalanick sets sights on Europe, Asia with new venture

Former Uber CEO's new company is quietly building an empire of food delivery kitchens

National /
Feb.February 17, 2019 09:00 AM

(Credit: Getty)

Travis Kalanick is looking to broaden his new real estate venture around the globe.

Kalanick, the former Uber CEO who is now head of Los Angeles-based City Storage Systems, has been working to expand operations into Asia and Europe, according to a report by the Financial Times, which cited people with knowledge of Kalanick’s plans. City Storage is also the parent company of CloudKitchens, which provides kitchen space to delivery-only restaurants.

In 2017, Kalanick resigned as Uber’s CEO in the wake of several scandals at the ride-hailing company. The billionaire announced last year he was joining City Storage as its CEO and that the firm would focus on acquiring distressed real estate assets, particularly retail and parking. Kalanick, who as Uber’s top executive oversaw the rise of Uber Eats, invested $150 million into City Storage via his new investment fund.

London appears to be of particular interest to Kalanick, as the entrepreneur reportedly visited the city last year and recruiters from CloudKitchens have been looking for new hires there, the outlet reported.

Meanwhile, City Storage also has quietly been snapping up real estate in New York City. The firm acquired at least $40 million worth of commercial space in Manhattan and Queens. Blackstone has provided financing for the purchases.

Still, much about CloudKitchens and City Storage has remained under wraps. Kalanick has recruited some of his hires at Uber to his new company and has reportedly prohibited employees from posting about their new jobs on social networking sites. [FT] — Mary Diduch


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