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Commercial property and real estate consultants Cushman & Wakefield announced its successful merger with DTZ in September 1st 2015, a union which allows Cushman to operate in more than 60 countries worldwide.
Later on January 7th 2016, it was announced that commercial real estate agency Colliers Group International acquired niche practice Hatton Real Estate. Hatton is a property specialist that operates in the City Fringe and Midtown, and the company specialises in agency and investment within the tech hub of London. In 2015 alone, they leased almost 1 million sq. ft. Although a figure for the Colliers and Hatton merger has not been divulged, it is rumored to be circa £10 million.
Colliers has focused heavily on expansion over the last year, and in an effort to grow the company has employed 40 additional senior staff to the existing team.
Eugene O’Sullivan, Managing Director at Morgan Pryce, said: “The takeover will expand Colliers reach to Tech City, and open new revenue streams that were previously inaccessible for mainstream, global property companies. There certainly seems to be a trend in the commercial property market, with companies merging in order to expand, and subsequently increase their reach.”
Further supporting the trend in commercial property company mergers, the UK’s largest property services group Countrywide Plc, which holds premises in 1,500 locations across more than 50 brands, approached Deloitte before the New Year and expressed an interest in acquiring the real estate division of the company. Although it is unusual for Deloitte to sell parts of its business, the real estate sector is the most likely to be available for sale. If sold, the price would certainly take into account Deloitte’s revenue of £150 million last year, along with over 700 employees and increased market share, for a sale price rumored to be around £170 million.
It is likely that there will be competition from other leading firms; it’s been suggested Jones Lang LaSalle has expressed interest, but there is no concrete confirmation regarding the indication.
This news was brought to you by Morgan Pryce, a specialist tenant acquisition agent with offices in Oxford Circus and the City. Morgan Pryce specialises in search, negotiation and project management and works exclusively for tenants.