Property advisers DTZ and Cushman & Wakefield have completed the merger of their international networks, with the exception of the Netherlands, PropertyEU can reveal.
Property advisers DTZ and Cushman & Wakefield have completed the merger of their international networks, with the exception of the Netherlands, PropertyEU can reveal.
DTZ's partners in the Netherlands - who operate under the name DTZ Zadelhoff - have yet to agree on the terms of the tie-up. The situation is particularly noteworthy as DTZ - supported by its owners, TPG, PAG Asia Capital (PAG) en Ontario Teachers’ Pension Plan - is taking over Cushman & Wakefield.
Brett White, previously CEO of CBRE, is chairman and CEO of the new international combine, which has been branded Cushman & Wakefield.
Jeroen Lokerse, managing partner at Cushman & Wakefield's Dutch business, has been confirmed as the head of the Netherlands for the new combine. But when asked about ongoing talks with the DTZ Zadelhoff partners, Lokerse told PropertyEU: 'Cushman & Wakefield and DTZ Zadelhoff continue to operate in the same manner as they did before the (closing of the) worldwide merger was announced today. It is the intention that all parties will agree a new way of working together going forward.'
Lokerse declined to comment on the status of the negotiations with the partners at DTZ Zadelhoff or when an agreement would be reached.
DTZ Zadelhoff had a unique relationship with DTZ Plc, which previously held a minority stake in the Dutch business. Following the merger, this stake has transferred to the new combine.
For more on the international merger, see C&W completes merger with DTZ to form third-largest CRE adviser