June 27, 2018 / 6:17 AM / 2 months ago

Takeover target IWG warns on profit due to growing pains

LONDON, June 27 (Reuters) - IWG, the London-listed serviced office provider at the centre of a takeover battle, downgraded its 2018 operating profit forecast by 15-20 million pounds on Wednesday, blaming the cost of opening new space and a weak performance in Britain.

The group, which has been approached by private equity firms Terra Firma, TDR Capital and American real estate investment groups Starwood Capital and Prime Opportunities, said it would add about 6.7 million square feet of new space this year, 17 percent higher than its previous guidance.

Reporting by Paul Sandle; editing by Kate Holton

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