Hybrid Work Solutions label IWG has announced that it is selling the master franchise it operates located in Japan to Mitsubishi Estate Co (MEC). According to a December 12 press release issued by IWG, MEC is acquiring the master franchise from TKP Group by purchasing 100% of the shares of Regus Japan Holdings K.K. which manages the 172 flexible workspaces in Japan.
Grand Dunman condo price offer being 20.3% higher than the lowest offer of $1.06 billion from City Developments, Hong Leong Holdings and TID, and Hong Realty.
This master franchise contract will provide MEC with the exclusive rights to utilize IWG trademarks in Japan including Regus Spaces and Regus Spaces. IWG will offer support and services to MEC which include accessibility to the brand’s portfolio of brands as well as its its global network as well as a marketing and sales platforms and operational infrastructure as well as technology in exchange for a regular platform fee that is linked to the system’s revenue in Japan.
In addition to operating the existing centers The agreement also will also include a development plan that IWG declares will “add significant” to its existing network in Japan. “We are delighted to announce Mitsubishi Estate Group as our new strategic partner in Japan,” adds Mark Dixon who is the CEO and founder of IWG. “A commitment of this magnitude made by one of biggest real estate firms is a testament to the irreversible shift to hybrid technology and its growing recognition across the globe.”
MEC is among Japan’s biggest real estate companies and has a portfolio that includes retail, offices, residential and logistics, hotels and airport operations. MEC also is an international company, which spans the US and Asia, the UK as well as Asia.
The deal is expected close in February 2023 contingent on Japanese Antitrust approval.