DTZ

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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[]