CUSHMAN & WAKEFIELD AND DTZ ANNOUNCE COMPLETION OF MERGER
CREATES ONE OF THE LARGEST COMMERCIAL REAL ESTATE SERVICES FIRMS IN THE WORLD
CHICAGO, Sept. 2, 2015 – The new Cushman & Wakefield, a global leader in commercial real estate services, announced today the successful completion on September 1 of the merger between Cushman & Wakefield and DTZ.
The new Cushman & Wakefield draws on the best of both legacy organizations to create one of the world’s largest real estate services firms, with a combined total of $5 billion in revenue, 43,000 employees, more than 4.3 billion square feet under management, and $191 billion in transaction value. Cushman & Wakefield will be led by Chairman & Chief Executive Officer Brett White and Global President Tod Lickerman. Cushman & Wakefield is owned by an investor group composed of TPG, PAG, and OTPP.
“This is a game-changing event in commercial real estate,” said Mr. White. “Both legacy firms had been aggressively growing their respective platforms and deepening their reach into the market with new acquisitions and talent. Now we have the opportunity to see these ambitions come together – capturing the momentum in the market and clearly claiming our position at the top of the industry.”
Cushman & Wakefield now operates in more than 60 countries around the world and is well positioned in every major market for continued growth. The new Cushman & Wakefield is a top-tier global commercial real estate services provider in every service line and every major geography in the world. With a tenacious, entrepreneurial, and client-centric culture of highly skilled people behind both firms, the new company will be able to tap into greater resources worldwide to ultimately deliver superior results for clients.
Mr. Lickerman said, “The completion of the merger is a historic leap forward, but it isn’t the end of our journey. Today is an important milestone that propels us into a future rich with opportunity for our clients, our people, and our company.”
“The formation of the new Cushman & Wakefield is the next chapter in the most exciting growth story in the real estate industry,” said David Bonderman, TPG Founding Partner. "TPG is excited to partner with Brett and his management team as they continue to grow the business.”
Cushman & Wakefield has built a team that will provide the experience, management skill, business acumen, and client-service expertise necessary to bring an aggressive growth strategy and global platform to life. The new leadership has developed an operating model to organize and mobilize for clients locally, regionally, and globally.
“I am confident that our people, armed with exceptional resources and the excitement of being in the center of this powerful evolution of our industry, will deliver a level of service and quality to our clients equal to the very best our industry has to offer,” said Mr. White.
New Visual Identity
As part of the announcement, Cushman & Wakefield is also unveiling a new visual identity and logo reflecting the legacy of a trusted global brand, drawing on a wider history, and positioning the firm for the future.
TPG is a leading global private investment firm founded in 1992 with approximately $75 billion of assets under management and offices in San Francisco, Fort Worth, Austin, Dallas, Houston, New York, Beijing, Hong Kong, London, Luxembourg, Melbourne, Moscow, Mumbai, São Paulo, Shanghai, Singapore and Tokyo. TPG has extensive experience with global public and private investments executed through leveraged buyouts, recapitalizations, spinouts, growth investments, joint ventures and restructurings. The firm’s investments span a variety of industries including healthcare, energy, industrials, consumer/ retail, technology, media & communications, software, financial services, travel, entertainment and real estate. For more information visit www.tpg.com.
PAG is one of the largest Asian based alternative investment managers with funds under management across Private Equity, Real Estate and Absolute Return strategies. PAG currently has US$12 billion in capital under management, with over 300 staff and offices in Hong Kong, Shanghai, Tokyo, Beijing, Sydney, Singapore, Seoul, Shenzhen, and Delhi. PAG Asia Capital (“PAGAC”), the private equity strategy of PAG, is a pan-Asian buyout fund and its current portfolio includes control and structured investments across the financial services, pharmaceuticals, automotive services, media and entertainment and consumer retail sectors. In addition to the extensive investment experience in private equity, PAG has a solid track record in real estate, completing over 500 real estate related transactions throughout Asia with total investment value in excess of US$20 billion. For more information visit www.pagasia.com.
With C$154.5 billion in net assets as of December 31, 2014, the Ontario Teachers' Pension Plan is the largest single-profession pension plan in Canada. An independent organization, it invests the pension fund's assets and administers the pensions of 311,000 active and retired teachers in Ontario. For more information, including our annual reports from 2014 and previous years, visit www.otpp.com.