The new Cushman & Wakefield, a global leader in commercial real estate services, announced today the successful completion on September 1 of the merger between Cushman & Wakefield and DTZ.
The new Cushman & Wakefield is now one of the world’s largest real estate services firms, with a combined total of $5 billion in revenue, 43,000 employees, more than 4.3 billion square feet under management, and $191 billion in transaction value.
Cushman & Wakefield will be led by Chairman & Chief Executive Officer Brett White and Global President Tod Lickerman. Cushman & Wakefield is owned by an investor group composed of TPG, PAG, and OTPP.
“This is a game-changing event in commercial real estate,” said Mr. White. “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.”
Based in Shanghai Edward Cheung has been appointed Chairman APAC Board & Chief Executive Greater China.
Cushman & Wakefield now operates in more than 60 countries around the world and is well positioned in every major market for continued growth.
One of the significant shareholders of the new business PAG is one of the largest Asian based alternative investment managers with funds under management across Private Equity, Real Estate and Absolute Return strategies.
PAG currently has US$12 billion in capital under management, with over 300 staff and offices in Hong Kong, Shanghai, Tokyo, Beijing, Sydney, Singapore, Seoul, Shenzhen, and Delhi. PAG Asia Capital, the private equity strategy of PAG, is a pan-Asian buyout fund and its current portfolio includes control and structured investments across the financial services, pharmaceuticals, automotive services, media and entertainment and consumer retail sectors.
In addition to the extensive investment experience in private equity, PAG has a solid track record in real estate, completing over 500 real estate related transactions throughout Asia with total investment value in excess of US$20 billion.
