Private equity firms CVC and HPEF plan to sell their stakes in WeWork-competitor the Executive Centre in a sale that could value the company at more than $750m.
The planned divestment comes as competition in the flexible and co-working space industry heats up in Asia, where growth in the sector over the past three years has outstripped that in the US and Europe.
Launched in 1994 in Hong Kong, the Executive Centre has focused on grade-A office space and operates more than 130 properties in 32 cities across Asia and the Middle East. About 50 per cent of its business is based in China.
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