KYIV. May 13 (Interfax-Ukraine) – DTZ and Cushman&Wakefield have reached a definitive agreement to merge and plan to close the deal by late 2015 and it is subject to customary closing conditions.
DTZ and Cushman&Wakefield are set to become one of the largest global real estate services companies.
According to the press release of DTZ, the new company 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.
“DTZ is elated to be merging under the prominent Cushman & Wakefield brand. The companies have remarkably complementary skills and reach in different geographies – whether in New York, London or Shanghai, this will be a formidable combination,” said Brett White, who will assume the role of Chairman and Chief Executive Officer of the combined company.
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.
Cushman & Wakefield advises and represents clients on all aspects of property occupancy and investment. Founded in 1917, it has 259 offices in 60 countries, employing more than 16,000 professionals. It offers a complete range of services to its occupier and investor clients for all property types, including leasing, sales and acquisitions, equity, debt and structured finance, corporate finance and investment banking, appraisal, consulting, corporate services, and property, facilities, project and risk management.
Cushman & Wakefield does not have offices in Ukraine.
An 80.1% stake in the company belongs to EXOR.
DTZ was founded by Chesshire Gibson company, which started its operation in 1784 in Birmingham (Britain). Since December 2011, it is part of UGL Services, a division of UGL Limited.
The company provides comprehensive services to corporate clients and tenants, as well as offering solutions on investment in real estate, leasing, management and maintenance of real estate, construction and project management, object assessment, asset management and investment management. Its 265 representative offices, located in 52 countries, employ 28,200 people, including subcontractors.
DTZ opened its office in Ukraine as a first international consulting company in 1994.
In Ukraine, the company’s office is located in Kyiv and it employs more than 50 professionals.