Property giant IWG has announced a strategic partnership with Japanese firm TKP which will earn it £320 million for its operations in Japan.
TKP will also be able to use IWG's Regus, Spaces and OpenOffice brands under a long-term franchise agreement.
Mark Dixon, CEO of IWG said: Partnering and franchising are increasingly important elements of our growth strategy and TKP is an outstanding partner for IWG in Japan, with strong local expertise and leadership in adjacent markets and a complementary network of operations.
"The transaction realises an attractive valuation for IWG's shareholders and re-affirms our strategy of capital efficient growth in IWG's global network with an increased emphasis on partnerships."
