DTZ
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Industry | Commercial Real Estate Services |
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Headquarters | Chicago, Illinois, U.S. |
Area served | Worldwide |
Key people | Tod Lickerman, Global Chief Executive Officer Duncan Palmer, Global Chief Financial Officer |
Number of employees | 28,000+[citation needed] |
Website | http://www.dtz.com/ |
Debenham Thouard Zadelhoff, known as DTZ, was a European joint venture originated from UK, France and the Netherlands, operating as a commercial real estate services firm.
On September 1, 2015, Cushman & Wakefield and DTZ merged.[1] The firm now operates under the Cushman & Wakefield brand and has a new visual identity and logo. The new Cushman & Wakefield is majority owned by an investor group led by TPG, PAG, and OTPP.[citation needed]
History[]
1784
DTZ founding predecessor firm, Chesshire Gibson, established in Birmingham, UK.[citation needed]
1853
Beginnings in London with second predecessor Debenham and Tewson.[citation needed]
1987
Listed on the London stock exchange as Debenham, Tewson & Chinnocks.[citation needed]
1993
A European joint venture and creation on a new entity with Jean Thouard of France, and the Zadelhoff Group in Germany and the Netherlands, creates the DTZ brand.[citation needed]
1999
The DTZ brand extends into Asia with partners CY Leung & Co and Edmund Tie & Co in Singapore.[citation needed]
DTZ’s French subsidiary acquired a majority shareholding in DTZ Asset Management, France.[clarification needed]
2004 - 2008
DTZ opened of offices in India and Bahrain and its continued expansion into China.[citation needed] These years saw global growth across India, the Middle East, China, the United Kingdom, Canada and the US.[citation needed]
2011
In December 2011, the parent company DTZ Holdings was placed into administration and its business entities were sold to UGL in order to repay GB£77.5m of an outstanding GB£106m debt owed to Royal Bank of Scotland and its shareholders equity was wiped out after a deal with its majority shareholder Saint George Participations and BNP Paribas Real Estate fell through.[2][3] the company was reportedly worth almost GB£500m around 2006.[2] The company was in financial difficulty after a spending spree prior to financial crisis buying Rockwood in the US and retail agent Donaldsons.[2]
Australia engineering firm UGL Limited acquires the trading operations of DTZ and combines its property services firms: Singapore facilities management firm UGL-Premas, US corporate real estate firm UGL-Equis, Americas facilities services firm UGL-Unicco, Australia, New Zealand and Middle East facilities management and real estate companies UGL Services.[citation needed]
2012
UGL’s property services companies were integrated and rebranded to DTZ; expanding its global presence to 52 countries.[citation needed]
Moves global headquarters from London to US.[citation needed]
2014
UGL sold DTZ to a private equity consortium comprising TPG Capital (TPG), PAG Asia Capital (PAG) and Ontario Teachers’ Pension Plan (OTPP).[4]
On December 31, 2014, the TPG Consortium purchases US commercial real estate firm Cassidy Turley, adding 4,000 employees and 900 brokers.[5] The new DTZ now has more than 28,000 employees in more than 260 offices in 50 countries.[citation needed]
2015
On May 11, 2015, DTZ announced the purchase of Cushman and Wakefield. When the deal closes, the expected combined employee count will be 43,000.[6]
On September 1, 2015, DTZ merged with Cushman & Wakefield. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $5 billion. The firm operates in more than 60 countries and has 43,000+ employees.[1]
References[]
- ^ Jump up to: a b "Cushman & Wakefield and DTZ Announce Completion of Merger - Cushman & Wakefield". 2015-09-04. Archived from the original on 2015-09-04. Retrieved 2019-04-23.
- ^ Jump up to: a b c Ruddick, Graham (Dec 6, 2011). "DTZ becomes a victim of the financial crisis". The Daily Telegraph. Retrieved 11 January 2017.
- ^ "DTZ equity worth little or nothing, shares plunge". Reuters. Nov 11, 2011. Retrieved 11 January 2017.
- ^ dtz-ugl.com - dtz-ugl Resources and Information
- ^ TPG & PAG Consortium Completes Acquisition of Cassidy Turley
- ^ Cushman & Wakefield to Merge with DTZ
- Property companies based in London
- Property services companies of the United Kingdom
- Real estate services companies of the United States
- Property management companies
- Commercial real estate companies