C&W continues European expansion

Cushman & Wakefield's global turnover rose by 23% in 2006 to a record $1.5 bn (EUR 1.1 bn), compared to a 21% increase in 2005. Turnover from operations in Europe, the Middle East and Africa rose by 29.4% to EUR 321 mln, with profits increasing by 52.2%.

All 23 of the firm's offices throughout Europe were profitable last year, the international property advisor said in a press statement Tuesday. The strongest performance was delivered by Germany and Poland with revenue growth of 60% while growth in Russia topped 70%.In the UK, the 22.7% turnover increase was largely driven by sustained high levels of activity in the investment market, C&W said.

C&W, the world's third-largest real estate advisor, will keep expanding in Europe in 2007, as the 'European operations are one of the strongest platforms in the industry.' The group intends to double the 'turnover and profits in Europe over the next five years', said Paul Bacon, ceo of C&W's EMEA operations.

'In 2007 we will build our business in a number of ways. First through geographical expansion, we will reinforce our presence in both Central and Eastern Europe and in the Middle East - in markets where we know there are real opportunities and demand for our services,' he added.

'Second we will grow through corporate acquisition but only where there is a cultural fit, the economics make sense and the benefits of joining forces are clear to all stakeholders, especially to our clients. Our expansion plans will be complemented by the continuing development of our cross-border capital markets capabilities, including fund management.'

In 2006, the global consultant entered the derivatives markets through the formation of a joint venture with UK broker BGC. It also launched a C&W Residential and C&W Hotels unit through a partnership with RH International, expanded in the city of London, and acquired the Romania-based property advisor Activ Consulting. A new office was also opened in Finland.