Uber ex-chief buys real estate company and plans to run it as CEO

Travis Kalanick, Uber's former chief executive, has found a new ride after exiting the ride-sharing company in June, acquiring a controlling stake in real estate company City Storage Systems for $150m.

The new company he will run redevelops distressed retail, parking and strip mall real estate assets.

Kalanick announced the acquisition on Twitter, saying: "There are over $10 trillion in these real estate assets that will need to be repurposed for the digital era."

He also offered two examples of CSS services, including CloudKitchens, providing services for food-delivery startups; and CloudRetail, which supports online retailers via a range of other services.

According to Bloomberg, the investment amounted to just 10% of his total liquid wealth.

The entrepeneur recently also launched his new fund called 10100, which was backed by his profits from selling his Uber shares; in fact, CSS was the fund's first investee.

Kalanick had already taken on 15 staff for his new firm and was in the midst of selecting more fresh talent.