IWG, a manufacturer of hybrid work solutions, has announced that Mitsubishi Estate Co. will purchase its master franchise in Japan

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Hybrid Work Solutions company IWG has announced that it is selling their master franchises within Japan to Mitsubishi Estate Co (MEC). According to a December 12 press release issued by IWG, MEC is acquiring the master franchise from TKP Group by purchasing 100% of the shares of Regus Japan Holdings K.K. that operates more than 172 flexible workspaces across Japan.

Master franchise agreements will provide MEC with the exclusive rights to use IWG trademarks in Japan which includes Regus as well as Spaces. IWG will offer support and services to MEC which include the access of its brands, its global network the marketing and sales platform and operational infrastructure as well as technology in exchange for a regular platform fee that is linked to the system’s revenue in Japan.

In addition to operating the existing centers in Japan, the agreement also will also include a development plan that IWG claims will “add substantially” to its existing network in Japan. “We are delighted to announce Mitsubishi Estate Group as our new strategic partner in Japan,” adds Mark Dixon who is the CEO and founder of IWG. “A such a commitment made by one of largest real estate firms is a testament to the irreversible shift to hybrid technology and its growing global acceptance.”

MEC is among the largest real estate firms in Japan that has a portfolio of retail, offices, residential hotel, logistics and airport operations. MEC also is an international company, that spans the US and in the UK as well as Asia.

The deal is expected be completed by February 2023 contingent on Japanese Antitrust approval.