U.K. office space provider IWG Plc sells Japanese operations

U.K. office space provider IWG Plc, formerly known as Regus, is to sell its Japanese operations to TKP Corp. for £320 million ($418.8 million).

IWG’s Japanese operations comprise 130 flexible co-working centers.

As part of the deal, Mark Dixon, CEO of IWG, will join the board of directors of TKP as a non-executive director.

TKP, which is listed on the Tokyo Stock Exchange, is a provider of conference rooms and banquet halls for rental in Japan, operating from 249 locations across the country.

TKP will continue to operate the Japanese centers under IWG's brands and operating platform, and has committed to a development plan which will add significantly to IWG's center network in Japan.

Completion of the sale is expected to occur in May 2019.