UK-US - DTZ, the property advisory firm, is to acquire Boston property brokerage FHO Partners in a bid to broaden its global platform.
The three-stage deal involves an initial payment of £2m (€4.2m) for the right to acquire the Massachusetts firm, a second payment of £8.8m, and a closing payment of £6.4m.
A spokesman for the partnership said the agreement had been "the way it came together" rather than indicative of the firm’s typically cautious acquisition strategy.
This is the latest in a series of deals in which the firm has shied away from outright acquisition and instead upped existing shareholdings.
It achieved a recent acquisition in China via an incremental increase in its shareholding to an eventual 100%.
DTZ’s US presence is currently concentrated in DTZ Rockwood, a New York-based 50—50 joint venture with the Staubach Company.
Officials say the partners are planning further growth, though a press statement hinted at planned changes in the partnership structure that would allow "additional flexibility to accommodate corporate developments".
"We’re focusing on where the centres of capital are – whether that’s hospitality, retail or office," said the DTZ spokesman.
"It’s correct to say that real estate is going global. In the past, companies have looked at countries and regions – and even multiple countries and regions. Now they’re beginning to join them up. Acquisition was, is and will continue to be on the agenda," he added.
