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DTZ have confirmed a deal to acquire global Real Estate giants, Cushman & Wakefield, in a deal that will see both companies work under the Cushman banner. The company, owned by Italian billionaire Agnelli family, was put up for sale in February – it is expected that DTZ will pay around asking, £1.3bn, generating a capital gain for the family of £722m. The transaction is expected to close by the end of the year, and signals another huge development in Real Estate acquisitions.
Oliver Salter, surveyor at tenant acquisition specialist Morgan Pryce, believes the move will see Cushman & Wakefield move closer to the big two, Jones Lang LaSalle and CBRE.
“The merger of two of the biggest players in the commercial property market will see an annual accumulative revenue of approximately £3.5bn. Not only this, but due to only a small overlap between the two businesses, there will be areas which strengthen each company – i.e. Cushman & Wakefield have an extremely strong New York presence, whilst DTZ has a strong influence in Asian markets – they will complement each other well. Geographically, the new Cushman & Wakefield will have influence in every market – and a formidable presence in the mainstays of commercial real estate; London, New York and Shanghai. We may see a third horse enter a situation, which historically, has been a two horse race.”
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.