C&W-DTZ combine strengthens position in UK, Benelux and CEE

The merger of Cushman & Wakefield and DTZ has significantly bolstered the combined group's commercial investment advisory services in the UK, pro forma figures from PropertyEU Research reveal.

Together the companies advised on commercial real estate investment transactions totalling €12.5 bn in 2014, placing the combine in a firm 3rd place behind CBRE with €17.5 bn and JLL with €16.5 bn.

Separately, DTZ advised on €6.8 bn worth of commercial real estate deals in the UK last year, while Cushman & Wakefield totted up €5.7 bn. These figures earned them third and fifth places respectively in our ranking for the UK last year. Neither company has a strong presence in Ireland in terms of investment advisory.

Elsewhere, the pair have also consolidated their position in the Benelux where they now rank second based on our pro-forma figures with €2.6 bn after CBRE which chalked up €3.5 bn last year. The new combine also takes a firmer third position in the CEE countries with €1.2 bn, after CBRE and JLL with respectively €1.5 bn and €1.3 bn but comfortably ahead of Colliers International with €900 mln.

The new combine lags, however, in the two key markets in mainland Europe, most notably in Germany where it advised on a paltry €522 mln of deals last year, earning it a sixth position for the country in our ranking. By contrast, its nearest competitor - Savills at number 5 - chalked up more than four times as many deals in value terms, or €2.2 bn.

The combine has a better representation in France where it advised on a combined €2.9 bn of investment deals in 2014, according to our pro forma figures. The leaders in this country are BNP Paribas (€5.3 bn), JLL (€4.5 bn) and Catella/Strutt & Parker with €3.1 bn. Heavyweight CBRE also lags in France: in 2014 it advised on deals worth €2.8 bn in the country.

The combine also has a strong presence in Spain and Portugal in terms of investment advisory thanks to the entrenched position of Cushman & Wakefield in these markets.

The figures are based on transactions above a threshold of €20 mln and were compiled by PropertyEU Research earlier this year following our annual Top Brokers survey.