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New York

Fosun mulling bid for Cushman & Wakefield

Brokerage's industry expertise could help Chinese investor manage portfolio

From left: Guo Guangchang, an old Cushman & Wakefield office in New York, Cushman's Edward Forst
From left: Guo Guangchang, an old Cushman & Wakefield office in New York, Cushman's Edward Forst

Guo Guangchang’s Fosun International is interested in buying Cushman & Wakefield, the global commercial brokerage powerhouse.

A deal is not expected to occur for several months, sources told Bloomberg, and there are many bidders in the mix. Last month, the Agnelli family’s Exor SpA, which owns an 81 percent stake in the brokerage, tapped the Goldman Sachs Group and Morgan Stanley to help find a private buyer. The brokerage could fetch up to $2 billion, as previously reported.

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Cushman’s industry expertise could aid Fosun in managing its global real estate holdings and secure new deals, sources told the website.

Fosun announced $21 billion in acquisitions over the past year. In New York City, Fosun paid $725 million for One Chase Manhattan Plaza, now known as 28 Liberty, in 2013. The firm is also expanding its New York staff. [Bloomberg] — Mark Maurer

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Cushman & WakefieldFosun International