International Workplace Group (IWG) and Ratanakorn Asset sign a 40-centre franchise deal to meet the growing demand for hybrid work in Thailand

Real Estate News Friday December 3, 2021 09:41 —PRESS RELEASE LOCAL

International Workplace Group (IWG) and Ratanakorn Asset sign a 40-centre franchise deal to meet the growing demand for hybrid work in Thailand

- Growth in flexible workspaces fueled by Thailand's rapid urbanization and fast-growing millennial workforce

IWG, the world's leading provider of flexible workspaces with brands including Regus, Spaces, HQ and Signature, is set for rapid expansion in Thailand, granting master franchise rights to real-estate developer Ratanakorn Asset.

Under the franchise deal, Ratanakorn Asset can develop flexible workspaces in every corner of Thailand with the exception of Bangkok and the adjoining provinces. In 2022 alone, Ratanakorn will partner with IWG to open five new centers - two in Pattaya and one each in Chonburi, Sri Racha and Rayong. These new locations are part of the IWG and Ratanakorn strategy to open at least 40 new flexible workspaces in Thailand over the next 10 years.

IWG has been at the forefront of the flexible workspace revolution for more than 30 years, providing millions of customers a great day at work. Since its arrival in Thailand in 1999, IWG has opened 26 locations in Bangkok and its vicinity alone.

The mass adoption of hybrid work is being fueled by businesses of all sizesrealizing that they can not only attract and retain the best talent, but also reduce their operating costs, by shifting to the model.

Hybrid working - where employees divide their working hours between their company headquarters, their home, and a local flexible workspace - helps maximize productivity, while creating a more sustainable way of working for both people and the planet.

Mark Dixon, Founder and CEO of IWG Plc, says: "In the wake of the pandemic, we are seeing record levels of demand as companies embrace hybrid work and rethink their real-estate strategy. Businesses are reconfiguring their office footprint, bringing work closer to where their employees live and empowering them to work flexibly, reflecting the changing needs and demands of their people. Partnering with Ratanakorn will enable us to scale up more rapidly to meet this demand across Thailand."

Since the start of 2021, IWG has added 2 million new customers to its global network, as companies acknowledge the benefit of giving employees access to professional, well-equipped offices in the heart of local communities that are a short distance from home.

Ratanakorn Asset, a Thai-owned real-estate firm, has more than 20 years' experience in property development with a diverse portfolio worth over THB33 billion covering residential property, retail spaces, factories, and hotels.

Mr. Jugkarat Ruangratanakorn, Managing Director of Ratanakorn Asset, comments: "Our partnership will bringflexible workspaces to regional hubs including Chiang Mai and Chiang Rai in the North and Phuket in the South. Ratanakorn Asset will bring these new centers to some of our existing mixed-use developments, including hotels, condominiums, shopping malls and retail outlets, providing customers with a conveniently located workspace with all the amenities they will need. We will give more people access to hybrid work solutions, enhancing their work-life balance by drastically reducing the commute and establishing high quality workspaces that people want to base themselves in. This shift will bring substantial benefits for local businesses."

"There is no longer the need for businesses to own their own offices or to commit to long-term leases," Mr. Jugkarat explains. IWG provides the perfect solution - allowing businesses and their employees to drop into the most convenient location anywhere in the world with thousands of locations to choose from. You can now work any place, anytime, anywhere.

"IWG is home to the world's largest co-working community with multiple brands, and we joined it because we strongly believe in the flexspace business and its growth opportunities," he adds. "There are a lot of synergies between our business and by partnering with IWG and focusing on mixed developments, we can continue to expand, grow and diversify our portfolio."

About IWGIWG is leading the workspace revolution with companies that help millions of people and their businesses to work more productively. It achieves this by providing a choice of professional, inspiring and collaborative workspaces, especially since digitalization and new technologies are transforming the world of work.

About Ratanakorn AssetRatanakorn Asset is a Thai-owned real-estate company with 37 diverse businesses worth more than THB33,000 million located mostly in Pattaya, Chonburi, Rayong as well as some cities in other regions of Thailand. Its developments include 113 housing projects, commercial buildings, community malls, more than 5,000 retail units in XXL-sized of wholesale-retail markets. There are over 300 ready to move in buildings, space-unit and accommodation. The company grows more in the hospitality industry with World class hotels which are Citadines Apart Hotels under the Ascott Limited brand and operation, eight upcoming hotels of IHG(R) brand and others ?ONYX Hospitality Group and Yoo Worldwide. Ratanakorn Asset has also developed clean energy infrastructure with Bangchak Corporation in response to Bio-Circular Green Economy or BCG initiative. Other businesses are logistics center, warehouse, education centers, construction materials and prefabrication factory, 12 organic mineral fertilizer factories, self-storage units, Hubba startup and tech center. It currently has more than 3,000 rai of land waiting to be developed. Ratanakorn Asset prides itself on its long-standing commitment to customer satisfaction as well as maintaining social and environmental values to achieve sustainable business objectives.

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