J. Safra to acquire the Swiss unit of IWG for $120m.

A group led by J. Safra, which consists of privately owned banks under the Safra name, agreed to acquire the Swiss unit of IWG, the global operator of co-work and workspace brands, for $120m. "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," Mark Dixon, IWG CEO.