DTZ looks to bid $2B for Cushman

Acquisition would create second-largest property services firm in the world

TRD New York /
Apr.April 20, 2015 05:40 PM

DTZ Group, London-based commercial real estate brokerage, is seeking support for a $2 billion bid to acquire rival firm Cushman & Wakefield.

DTZ executive chair Brett White will address lenders as the Chicago firm looks to fund the purchase of New York-based Cushman & Wakefield by raising an additional $1.3 billion in the Term Loan B market.

The loan would be on top of $1 billion of existing facilities in place, according to the Australian Financial Review. Should DTZ succeed in buying Cushman & Wakefield, it would create the second-largest property services firm in the world — behind CBRE Group and just ahead of JLL — in terms of revenue, according to analysts.

In February, Cushman & Wakefield hired Goldman Sachs and Morgan Stanley to put the company on the market. The firm itself acquired investment sales brokerage Massey Knakal Realty Services for $100 million in December. [Financial Review]Rey Mashayekhi

Related Articles

The Coca-Cola building at 711 5th Avenue (Credit: Google Maps and iStock)

Flipped off: The inside story of Coca-Cola’s botched building sale

Who needs New York? Garden State multifamily portfolio trades for $146M

How much for that CVS building? In Greenwich, the price is $30M

Vineyard Vines HQ sold in Stamford, Avon inks Rye deal & more Westchester and Fairfield real estate news

Mack-Cali sells Paramus office property, Murphy enacts land bank reforms & more North Jersey real estate news

Real estate tech investor Fifth Wall launches $500M fund

New heights for Everest as insurer inks North Jersey’s largest lease deal of 2019

This Westchester development site just hit the market seeking nearly $30M