UK based global real estate services firm DTZ Group has been successfully acquired by Australian property services group UGL, it was confirmed yesterday.
DTZ, which has advised on several of the largest retail property deals in Britain over recent years but which recently fell into administration, was bought forA$119 million (£77.5 million) in a pre-pack transaction.
Operating across 43 countries, the British firm undertakes valuations in excess of A$380 billion annually and has A$10 billion in real estate assets under management, however it was hit hard by the economic downturn and needed UGL buy-out to remain as a going concern.
Following the acquisition, DTZ was delisted from the London Stock Exchange (LSE) this morning.
John Forrester, CEO of DTZ, said: “We are delighted to be a part of the UGL family and recognise the enormous benefits this transaction will offer our clients and employees. DTZ and UGL are an exceptional fit.
“We operate across a complementary geographic footprint, the services we offer clients will allow us to become the only truly vertically integrated provider of corporate solutions and we share the same cultural ethos in terms of focus on clients and results.”
Since becoming the first real estate adviser to be listed on the LSE in 1987, DTZ has worked on some of the biggest deals in the UK including the construction of the One New Change shopping centre opened in the City of London last year.
Providing both engineering and property services, UGL has grown from humble origins in Perth, Western Australia, to work with blue-chip companies across New Zealand, Asia, North America and the Middle East.
UGL‘s Managing Director and CEO Richard Leupen said: “Combining UGL and DTZ will create one of the world‘s largest property services businesses by revenue and capability allowing us to broaden our existing property services offering across a global footprint.
“DTZ‘s broad geographic reach will transform our ability to deliver an integrated full service offering to clients by enhancing our presence and capability in key growth markets such as Asia.
“We see significant opportunities for growth in Asia, particularly in China, where DTZ holds the leading market position in property services with 1,300 personnel in 18 cities.”