Wework rival IWG has made its latest international divestment with the sale of its Swiss business in a deal worth £94m.
IWG has sold its 38 flexible co-working locations in Switzerland to a joint entity owned by private banking group J. Safra Group and real estate investor P. Peress Group.
The office space giant has also entered into a master franchise partnership to allow the venture to use IWG’s brand names, such as Regus, in the country.
The deal is the latest in a chain of international disposals and follows similar transactions in Japan and Taiwan earlier this year.
IWG chief executive Mark Dixon said: “We are delighted to have entered into this strategic partnership with the J. Safra Group and the P. Peress Group.
“Both groups are seasoned real estate investors with deep knowledge of our markets, and we are entirely confident they will augment the continued growth of IWG and its brands.
“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”.
Philippe Peress, on behalf of the acquiring shareholders, said: “With the support of the management team, valued employees, and thanks to our expertise and deep network in Switzerland we look forward to expanding this presence in the coming years.”