Cushman & Wakefield is to acquire a substantial majority in its Netherlands affiliate DTZ Zadelhoff, a month after most of C&W and DTZ's business merged.
Cushman & Wakefield is to acquire a substantial majority in its Netherlands affiliate DTZ Zadelhoff, a month after most of C&W and DTZ's business merged.
Cushman & Wakefield and DTZ Zadelhoff have been operating as separate businesses since the global merger was announced on September 2. The merger of the two businesses is subject to regulatory approval and customary closing conditions.
Until January 1 2016, DTZ Zadelhoff will operate as a partnership of 14 partners participating through legal entities with limited liability, with DTZ International (Cushman & Wakefield) owning a minority interest.
The combined firm of some 550 partners and employees works with clients including Syntrus Achmea Real Estate & Finance, Prologis, ING, CBRE Global Investors and Unibail-Rodamco. Details of the leadership roles within the Netherlands will be announced at a later date.
Jeroen Lokerse, head of Netherlands for Cushman & Wakefield: 'When we announced our global merger on September 2 we stated that it was the intention of all parties in the Netherlands to agree a new working protocol as soon as possible. We have been true to our word. As of closing we can operate as one firm for our clients in the Netherlands, delivering the benefits of a broader range of services that are already being seen in our major markets around the world.'
Jeroen de Bruijn, chairman of the board at DTZ Zadelhoff in the Netherlands, said: 'The intended integration is positive news for our people and most of all for our clients. We are combining our strong regional and national market leader position and existing client relationships with an enhanced international network of investors and tenants.'
