Cushman & Wakefield has today announced the intended acquisition of a substantial majority in its affiliate in The Netherlands DTZ Zadelhoff, creating a real estate market leader and bringing the country’s organisational structure in line with the company globally.
Cushman & Wakefield and DTZ Zadelhoff have been operating as separate businesses in the short period since the closure of global merger was announced on 2 September. The merger of the two businesses is subject to regulatory approval and customary closing conditions.
Until 1 January 2016, DTZ Zadelhoff operates as a partnership of 14 partners participating through legal entities with limited liability, with DTZ International (Cushman & Wakefield) owning a minority interest.
The combined firm of some 550 partners and employees work with clients including Syntrus Achmea Real Estate & Finance, Prologis, ING, CBRE Global Investors and Unibail-Rodamco. Details of the leadership roles within the Netherlands will be announced at a later date.
Jeroen Lokerse, Head of Netherlands for Cushman & Wakefield, said: “When we announced on 2 September the closure of our global merger we stated that it was the intention of all parties in the Netherlands to agree a new working protocol as soon as possible. We have been true to our word. As of closing we can operate as one firm for our clients in the Netherlands, delivering the benefits of a broader range of services that are already being seen in our major markets around the world.”
Jeroen de Bruijn, Chairman of the Board, DTZ Zadelhoff in the Netherlands, said: “The intended integration is positive news for our people and most of all for our clients. We are combining our strong regional and national market leader position and existing client relationships with an enhanced international network of investors and tenants.”
John Forrester, EMEA Chief Executive of Cushman & Wakefield, said: “I’m delighted we have announced this intended acquisition which brings our operations in the Netherlands in line with the rest of our EMEA business. The Netherlands is a key market for us in Europe and this acquisition is early and significant evidence of our intention to continue to enhance the Cushman & Wakefield platform.”
Tod Lickerman, Global President of Cushman & Wakefield, said: “This represents another important milestone toward our goal of building the leading global platform in the commercial real estate services industry. Our position in The Netherlands, and across EMEA, is very strong and important to our ability to serve clients locally and around the globe.”
Across EMEA, Cushman & Wakefield has 5,000 employees in 41 countries. It is now a top three commercial property firm in every major European metropolitan economy, a leader in capital markets, occupier services and all major commercial real estate sectors. Its clients include nine of the top 20 Forbes global brands and 82% of the top 50 cross-border investors.