DTZ has completed its merger with Cushman and Wakefield, creating one of the world’s largest real estate services companies.

DTZ has completed its merger with Cushman and Wakefield, creating one of the world’s largest real estate services companies.

The new combine, which will operate under the C&W brand, has $5.5 bn (€4.9 bn) in revenues and 43,000 staff worldwide, managing 371 million m2 of real estate. That would make it a direct rival to globally second-ranked firm JLL, which employs 53,000 people and reported revenues of €5.4 bn in 2014. CBRE was the market leader last year with €9 bn in global revenues.

However, PropertyEU has learned that the tie-up is on hold in the Netherlands as talks are still ongoing with the partners of DTZ's Dutch business, DTZ Zadelhoff.

The $2 bn international merger was backed by DTZ’s owners, US private equity giant TPG, Asian alternative investment manager PAG and the Ontario Teachers’ Pension Plan. Cushman & Wakefield was previously 80% owned by Exor, the Agnelli family’s investment vehicle.

Analysts say the new company will have a more global reach, combining C&W’s strong presence in the US with DTZ’s exposure in Asian markets. In Europe C&W is well developed in the UK and Southern Europe, while DTZ is more prominent in Scandinavia.

Chairman and CEO Brett White said: ‘This is a game-changing event in commercial real estate. 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.’

The EMEA business is being led by CEO John Forrester and chairman Carlo Barel di Sant’Albano. 'Today is an historic moment for global real estate,' said Forrester. 'Our merger has tremendously accelerated our collective goal of increased scale and client service worldwide, something we could not have accomplished alone. This increased scope allows us to deliver a broader spectrum of commercial real estate solutions. We have a leading position in all the foundation cities around the world and can provide services in every major global market.'

In EMEA, the new Cushman & Wakefield has 5,000 employees in 40 countries and revenues of almost $800 mln. It is now a top three commercial property firm in every major European metropolitan economy, a leader in capital markets, occupier services and all major commercial real estate sectors. Its clients include nine of the top 20 Forbes global brands and 82% of the top 50 cross-border investors.