IWG to sell Swiss workspace assets in franchising deal

IWG has signed a franchise agreement to sell its workspace business in Switzerland to an entity jointly owned by J Safra Group and P Peress. IWG will receive gross consideration of CHF120m (£92.5m) in cash at completion. As part of the deal, the buyer will have exclusive rights to the use of IWG’s brands in Switzerland. The deal consisted of 38 flexible co-working locations as at 30 September. It is expected to complete at the end of November. Mark Dixon, chief executive of IWG, said: “Both groups are seasoned real estate investors with deep knowledge of our markets, and we