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    IWG   JE00BYVQYS01

IWG PLC

(IWG)
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IWG : Regus owner snaps up WeWork sites in London and New York

07/19/2021 | 12:47pm EDT
The WeWork logo is displayed outside of a co-working space in New York

(Reuters) - Office space provider IWG is set to open eight new shared-office centres in locations including London and New York, five of which were previously operated by its U.S.-based rival WeWork, as it seeks to meet the growing need for flexible work spaces.

Two of the former WeWork properties are located in Kensington, London, and Park Avenue South, New York, with three more in the Indonesian capital, Jakarta.

The other sites are in Chicago, Philadelphia, and opposite Penn Station in New York, according to a statement exclusively seen by Reuters.

IWC, owner of the Spaces and Regus brands, has said demand for such sites was up 14% in June from pre-pandemic levels. It will invest in refurbishing the properties.

IWG, which has its head office in Switzerland and more than 3,300 locations across 110 countries, added over 100 centres in the first half of 2021 through its franchise partners, three times as many as in the first half of 2020.

After a year in which the coronavirus pandemic shut office buildings and forced people to work from home, companies around the world are reducing their office space with an eye on trimming costs.

"The pandemic has accelerated the shift to the hybrid model by 10 years ... There has been a rapid change," said Mark Dixon, the boss of IWG.

"Office spaces in cities like New York and London are going to shrink in a post-pandemic world as some people move back to towns and countryside. It is hard to quantify by how much."

From U.S. tech giants Amazon and Microsoft to banks such as Standard Chartered, firms have announced plans to adopt some form of flexible working model, typically having staff work from home for part of the week.

Dixon said there would be more change over the next three years as companies' leases end.

"We are seeing a continuous interest in suburban and countryside locations as people avoid the commute and other hassles of a city life."

(Reporting by Muvija M in Bengaluru; Editing by Keith Weir and Kevin Liffey)

By Muvija M


ę Reuters 2021
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Analyst Recommendations on IWG PLC
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Financials
Sales 2021 2 170 M 2 955 M 2 955 M
Net income 2021 -193 M -263 M -263 M
Net Debt 2021 7 151 M 9 738 M 9 738 M
P/E ratio 2021 -11,5x
Yield 2021 0,91%
Capitalization 2 908 M 3 973 M 3 960 M
EV / Sales 2021 4,64x
EV / Sales 2022 3,98x
Nbr of Employees 12 000
Free-Float 68,0%
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Technical analysis trends IWG PLC
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Mean consensus OUTPERFORM
Number of Analysts 11
Last Close Price 288,70 GBX
Average target price 348,33 GBX
Spread / Average Target 20,7%
EPS Revisions
Managers and Directors
Mark Leslie James Dixon Chief Executive Officer & Director
William Glyn Lawrence Hughes Chief Financial Officer & Director
Douglas Sutherland Non-Executive Chairman
Thomas G. Sinclair Group CIO & Global Head-Network Development
Florence Pierre Independent Non-Executive Director
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