Advertisement
Singapore markets open in 5 hours 40 minutes

  • Straits Times Index

    3,304.99
    +15.57 (+0.47%)
     

  • S&P 500

    5,311.28
    +3.13 (+0.06%)
     

  • Dow

    39,972.82
    +64.82 (+0.16%)
     

  • Nasdaq

    16,738.89
    -3.50 (-0.02%)
     

  • Bitcoin USD

    65,286.44
    -380.66 (-0.58%)
     

  • CMC Crypto 200

    1,370.98
    -23.06 (-1.65%)
     

  • FTSE 100

    8,438.65
    -7.15 (-0.08%)
     

  • Gold

    2,385.80
    -9.10 (-0.38%)
     

  • Crude Oil

    79.37
    +0.74 (+0.94%)
     

  • 10-Yr Bond

    4.3770
    +0.0210 (+0.48%)
     

  • Nikkei

    38,920.26
    +534.53 (+1.39%)
     

  • Hang Seng

    19,376.53
    +302.82 (+1.59%)
     

  • FTSE Bursa Malaysia

    1,611.11
    +7.88 (+0.49%)
     

  • Jakarta Composite Index

    7,246.70
    +66.86 (+0.93%)
     

  • PSE Index

    6,628.20
    +69.57 (+1.06%)
     

Mitsubishi Estate takes over IWG master franchise in Japan

Atiqah Mokhtar
·1-min read


A Regus location in Shibuya, Tokyo (Picture: IWG)

SINGAPORE (EDGEPROP) - Hybrid work solutions brand IWG has announced the sale of its master franchise in Japan to Mitsubishi Estate Co (MEC). According to a Dec 12 press release by IWG, MEC is acquiring the master franchise from TKP Group by purchasing 100% of the shares in Regus Japan Holdings K.K., which operates 172 flexible workspace locations in Japan.

Read also: IWG eyes growth in decentralised locations as companies embrace hybrid working

The master franchise agreement provides MEC with exclusive rights to the use of IWG brands in Japan, including Regus and Spaces. IWG will provide services and support to MEC, including access to its brand portfolio, global network, sales and marketing platform, and operational infrastructure and technology, in return for an ongoing platform fee linked to system-wide revenues in Japan.

ADVERTISEMENT

Besides operating the existing centres, the agreement includes a development plan which IWG says will “add significantly” to its network in Japan. “We are very pleased to announce the Mitsubishi Estate Group as our new strategic partner in Japan,” adds Mark Dixon, founder and CEO of IWG. “A commitment of this scale by one of the world’s largest real estate companies underpins the irreversible shift towards hybrid and the model’s increasing popularity globally.”

MEC is one of Japan’s largest real estate companies, with a portfolio spanning offices, residential, retail, hotel, logistics, and airport operation. It also has an international portfolio, with a footprint across the US, the UK and Asia.

The transaction is expected to complete in February 2023, subject to Japanese antitrust clearance.

See Also: