This week, flexible office giant IWG announced that it will sell its Swiss business for £94 million.
The joint venture deal will be conducted in partnership with Brazilian-based property and banking company J. Safra Group and real estate investor P. Peress Group.
IWG has been trying to lean into a franchiser business model, where new owners gain rights to use the company’s various brands, such as Regus and Spaces.
“This transaction builds on the successful completion of similar deals in Japan and Taiwan earlier this year and further demonstrates the continued interest from third parties wanting to operate IWG’s brands across a wide range of geographies,” said Mark Dixon, chief executive of IWG.