BackRealty advisory firms Cushman & Wakefield, DTZ complete merger process
Cushman & Wakefield and DTZ have completed the merger process, making it one of the largest real estate advisories in the country
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Bengaluru: Cushman & Wakefield and DTZ have completed the merger process, making it one of the largest real estate advisories in the country, the former said on Wednesday.
The merger has been under way for more than two months now. The new company will operate under the Cushman & Wakefield brand now.
Cushman & Wakefield will be led by chairman and chief executive officer Brett White and global president Tod Lickerman while Stuart Roberts assumes the title of Asia Pacific CEO and will lead the effort to implement a strategic growth plan for the business throughout the region.
Sanjay Dutt, executive managing director, south Asia, Cushman & Wakefield will now head the combined teams of the newly formed entity in India. DTZ India CEO Anshul Jain is planning to resign from his position, said a person familiar with the development.
“This is a game-changing event in commercial real estate," said White in a statement. “Both legacy firms had been aggressively growing their respective platforms and deepening their reach into the market with new acquisitions and talent. Now we have the opportunity to see these ambitions come together – capturing the momentum in the market and clearly claiming our position at the top of the industry."
Currently, Jones Lang LaSalle is the market leader in India in terms of revenues, followed by CBRE in the second position.
The new Cushman & Wakefield has a combined total of $5 billion in revenue, 43,000 employees, more than 4.3 billion sq ft under management, and $191 billion in transaction value. In Asia Pacific, the firm now has more than 7,000 people operating in 21 offices, across 11 countries including Australia, Singapore, India, Japan, and New Zealand.
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