The Leading News & Information Service For The Facilities, Workplace & Built Environment Community

Wednesday, 26 February

A Cushy Number - DTZ and Cushmans to Merge

Cushman & Wakefield and DTZ have reached a definitive agreement to merge and are set to become one of the largest global real estate services companies.

The new company, which will operate under the Cushman & Wakefield brand, will have revenues over $5.5 billion, over 43,000 employees and will manage more than 4 billion square feet globally on behalf of institutional, corporate and private clients. (The transaction is expected to close before the end of the year subject to customary closing conditions.)

The expanded full-service offering will provide a combination of local market presence with significant scale in core services in the major global markets.

 

Formidable

“This will be a formidable combination,” said Brett White, who will assume the role of Chairman and Chief Executive Officer of the combined Company. “While breadth and depth are important to serve clients, it’s not just about size. It’s also about local expertise. This and customer service will differentiate us going forward.” White has previously acted as CEO of CBRE.

 

Cushman & Wakefield

“This transaction builds upon the considerable momentum we’ve achieved over the past 18 months and positions Cushman & Wakefield to deliver incremental value to clients worldwide from a broadened and strengthened global service platform,” said Edward C. Forst, President and Chief Executive Officer of Cushman & Wakefield.

Upon completion of the merger, Carlo Barel di Sant’Albano, current International CEO of Cushman & Wakefield and EMEA CEO, will take a senior global leadership role. John Santora, current CEO of North America at Cushman & Wakefield, will become Chief Operating Officer and Chief Integration Officer and Tod Lickerman, current Global CEO of DTZ will assume the role of President of the global company.

 

Investors

Speaking on behalf of the investors (TPG, PAG and OTPP), Ben Gray, TPG's Joint Managing Partner in Asia said: “Our ambitions for the new Cushman & Wakefield are great and we stand ready to assist growth through our relationships and capital.”

Cushman & Wakefield’s 80.1% stockholder and one of Europe’s leading listed investment companies, TPG founding partner, David Bonderman, added: "The potential created by this combination would not have been possible without EXOR's support and positioning of Cushman and Wakefield over the last 8 years. EXOR has achieved great success in growing a business that is performing extremely well and once combined with DTZ, will be even better positioned to further capitalise on the real estate growth trends across the globe."

Picture: Ed Forst.

Article written by Brian Shillibeer

Share



Related Articles

Sinking Feeling Over Leisure Facilities

Leisure centres could fall into a state of disrepair and even be forced to close without urgent new investment from government, councils have warned. The Local...

 Read Full Article
Piccadilly Lights - LandSec's London Landmark Re-lit

London’s iconic Piccadilly Lights were switched back to life on October 26 after a nine month period of renovation. A spectacular display of colours, which were...

 Read Full Article
Buildings Of The Future - Time To Rethink The Bottom Line

The availability of measurement models that accurately reflect return-on-investment is often the biggest hurdle in the design, construction and maintenance of Buildings...

 Read Full Article
Squaring It With Qube

MRI Software has acquired Qube Global Software, a UK based provider of property and facilities management Solutions. The acquisition, according to MRI, extends the...

 Read Full Article
Jurassic Parks at Tower Top - 14 Rescued by Helicopter

Merlin Entertainments, the biggest ride and attraction company in the UK and with sites across the world, have suffered another embarrassment as 14 people including a...

 Read Full Article
Up and Down and Side to Side - First Multi Lift Unveiled

More than 160 years after the invention of the conventional elevator, Thyssen Krupp has unveiled the first functional multi-directional lift at a 246 metre tall test...

 Read Full Article
NOW That's What I Call Remote Working

London City Airport is to become the first UK airport to install a digital air traffic control tower – operational in 2019. The digital solution is a multi-million...

 Read Full Article
Cosmo Guardians Take Vacant Options

As pressure on private rental accommodation in the UK’s major cities forces up costs, young people are finding it impossible to combine their career hopes with...

 Read Full Article
A City That Never Sleeps - Longer London Hours

For the period January to December 2016, the UK region with the highest average actual weekly hours worked (for all workers) was London at 33.7 hours, followed by...

 Read Full Article
Are You Experienced?

BT has launched its first 'Customer Experience Lab' (in Dundee) to test new ways of supporting its 1.1 million business customers across the UK. Designed to...

 Read Full Article